Altcoins Talks - Cryptocurrency Forum
Cryptocurrency Ecosystem => Bitcoin Forum => Bitcoin News & Updates => Topic started by: TomPluz on May 24, 2024, 06:02:05 AM
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Taken from Watcher Guru (https://watcher.guru/news/bitcoin-to-hit-a-new-all-time-high-this-week-standard-chartered).
At the start of the year, Bitcoin received the inaugural crypto-based ETF in the United States. Shortly after, all eyes were directed to what asset could receive the next approval. Now, that question seems to be answered, with the SEC likely to approve Ether’s iteration of the investment product.
The arrival of a Spot Ethereum ETF should have a profound impact on the market overall. Indeed, Bitcoin and Ethereum are both projected to reach all-time highs following the product’s arrival, according to Standard Chartered Bank.
(https://pbs.twimg.com/media/GOUKVXibUAEu3dU?format=jpg&name=small)
I think we are officially entering a very exciting phase for the cryptocurrency industry as we now have ETFs approved by SEC for Bitcoin and now Ethereum. With ETFs, we can expect institutional investors to be coming in for both digital assets and this big movement will have a direct impact on the prices of both digital assets. We witnessed the strong influence of ETFs for Bitcoin and I am expecting that there will be the same for Ethereum also. So do you think that Bitcoin and Ethereum will be recording new ATHs this week or do you think the timeframe is a little tight?
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It doesn't seem to me that BTC will profit from the approval of the ETH ETF, because according to some logic, when trading is approved (it still isn't) then part of the money will go to new ETFs, which means that we can expect that less money will go to BTC ETFs.
However, it will be interesting to follow the situation regarding the new ETF in terms of whether the price of ETH will profit from it even if BTC does not grow. Inflows into BTC ETFs have started to decrease in recent days, and this may be due to the fact that some investors have other plans - we will find out soon.
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It doesn't seem to me that BTC will profit from the approval of the ETH ETF, because according to some logic, when trading is approved (it still isn't) then part of the money will go to new ETFs, which means that we can expect that less money will go to BTC ETFs.
However, it will be interesting to follow the situation regarding the new ETF in terms of whether the price of ETH will profit from it even if BTC does not grow. Inflows into BTC ETFs have started to decrease in recent days, and this may be due to the fact that some investors have other plans - we will find out soon.
Logically, it is possible, as you say, if the ethereum ETF is approved, investors who have been in the bitcoin ETF will transfer or move. But if you don't move, it would be extraordinary because both would enjoy a very good improvement.
If there is a transfer where the ethereum ETF enjoys an increase, of course the bitcoin ETF actually goes down, so ethereum will enjoy that increase. But because it hasn't happened yet and there is no agreement yet, we can only estimate.
So we will wait patiently for what will happen later and this is highly anticipated by all.
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~snip~
But because it hasn't happened yet and there is no agreement yet, we can only estimate.
You misunderstood me, the spot ETH ETFs are approved, they just haven't received permission to start trading yet. Of course, this is only a formality and it is only a question of the day when it will become fully operational. There should be no doubt that it will attract the interest of investors, because it does not matter to them whether they trade with BTC, ETH or something else as long as it brings them profit.
The U.S. Securities and Exchange Commission (SEC) on Thursday approved key regulatory filings tied to ether ETFs, a historic milestone for the second-largest cryptocurrency. They are not, however, cleared to trade. Although the SEC approved the 19B-4 form that allows for the offering and listing of ETFs, it must still green light the funds' S-1 filings before investors can buy them.
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I think *this week* is taking a tad bit too far, don't you think?
Maybe next week or even the next 7 days is a better timeframe. Because it's Thursday and that means the week is almost over.
Doesn't matter if the price just rocked to $71K. That is not enough time to continue making a turnaround, unless Elon were to spontaneously tweet something bullish about crypto (as some people are actually dumb enough to use his tweets as trading signals).