The long-awaited Ethereum futures ETFs have not received the expected attention since their launch on Monday, and demand for the ETFs has remained weak since then.
Analysts at K33 Research, who evaluated the status of Ethereum futures ETFs, said that since Monday, Bitcoin futures ETFs have recorded only 0.2% of the volume seen after their launch in 2021, The Block reported.
In the report written by K33 Research analysts Vetle Lunde and Anders Helseth, it was stated that it was time to return to Bitcoin.
“We believe it is now time to switch back from ETH to Bitcoin.
“We no longer see a strong bullish case for ETH/BTC in the short term.”
Stating that CME investors are still trying to keep the launch of Ethereum futures ETFs on the agenda, expecting a stronger breakout than what has emerged, analysts pointed out that ETH has not been able to reverse the year-long downward trend against Bitcoin.
However, analysts stated that they remain optimistic about ETH in the long term, saying, “ETFs have been launched, although interest in ETFs has been less than expected and liquidity is lacking, things can change quickly for ETH when the broader market sentiment eventually changes.” .
*This is not investment advice.
Follow our Telegram and Twitter account now for exclusive news, analytics and on-chain data!
Source: https://en.bitcoinsistemi.com/analysts-lost-hope-on-ethereum-is-it-time-to-switch-to-bitcoin/