Singaporean-based cryptocurrency asset trading firm QCP Capital has indicated in its latest report that the speculation around Ethereum’s chances of exchange-traded fund (ETF) approval by the US regulator could lead to significant gains in the near future.
“We expect ETH to continue outperforming BTC over the medium term as the narrative rotates to potential ETH Spot ETF approvals,” the report states.
Ethereum May Outperform Bitcoin in H1, with Spot ETF Speculation
QCP Capital’s most recent market report highlights the imminent arrival of the Bitcoin halving in just three months. However, as in previous instances, the cryptocurrency market remains susceptible to global events. Furthermore, its trajectory could be influenced by unfolding events worldwide.
“The next major crypto events are BTC halving (mid-Apr), and potential ETH Spot ETF approvals from May. In the meantime, crypto might take some direction from macroeconomic events.”
The Ethereum spot ETF narrative is intensifying, with BlackRock CEO Larry Fink recently endorsing Ethereum. He expressed his belief in its value as an ETF.
“I see value in having an Ethereum ETF. These are just stepping stones towards tokenization and I really do believe this is where we’re going to be going,” Fink said.
At the time of publication, Ethereum is priced at $2,527. Additionally, this reflects a 3-month growth of approximately 59%.
The United States presidential election scheduled for November 2024 looms as a significant upcoming event, drawing the attention of numerous analysts.
However, among the candidates, a notable presence of pro-crypto contenders is observed. Meanwhile, industry leaders anticipate that the election’s outcome will have a substantial influence on the prioritization and regulatory stance on cryptocurrency. Furthermore, it will shape the trajectory of the industry.
Read more: How to Buy Ethereum (ETH) and Everything You Need to Know
Ethereum Spot ETF and Bitcoin in Presidential Election Speculation
Meanwhile, the spot Bitcoin ETFs received approval from the US Securities and Exchange Commission (SEC) last week. These drew heightened media attention and sparked ongoing debates.
However, many US citizens are keeping their eyes on what presidential candidates’ views are like on crypto.
Meanwhile, in December 2023, Grayscale, the asset management firm, conducted a survey titled “2024 Election: The Role of Crypto,” as reported by BeInCrypto.
Additionally, the findings unveiled a growing concern among Americans regarding the escalating cost of inflation. Yet, the perception of Bitcoin as deflationary is growing, and it is increasingly acknowledged as a store of wealth. Meanwhile, this suggests a rising inclination among US citizens to turn to Bitcoin as a viable option.
Read more: Ethereum Name Service (ENS) Price Prediction 2023/2025/2030
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Source: https://beincrypto.com/ethereum-spot-etf-approval-bitcoin-narrative/