The slowdown in bitcoin ETF receipts will be short-lived before the resumption of growth in the rate of the first cryptocurrency to $ 150,000. This is the conclusion reached at Bernstein, writes The Block.
On April 28, net outflow from spot exchange-traded funds based on digital gold amounted to $83.6 million, according to SoSoValue. Since April, there has been a multidirectional dynamics.
Data: SoSoValue."We do not consider the slowdown in inflows to be an alarming trend. [...] This is a short—term pause before ETFs become more integrated with the platforms of private banks, wealth consultants and brokers," the experts said.
https://forklog.com/news/ekspert-nazval-dva-moshhnyh-katalizatora-sprosa-na-bitkoin-etfIn their opinion, digital gold will need time to be approved in the list of recommendations for diversifying investment portfolios, and platforms will need time to prepare the basis for selling products in terms of compliance with regulatory requirements.
Analysts confirmed the goal of $150,000 by the end of 2025, citing the net inflow of funds into bitcoin ETFs in the amount of $ 12 billion and the stable positions of miners after halving against the background of market consolidation and normalization of the share of transactions in their income at the level of ~ 10%.
Data: The Block.Ethereum's Prospects
Analysts also touched upon the price prospects of Ethereum. They called the potential rejection of applications for the issuance of spot ETFs based on the second largest cryptocurrency by capitalization on May 23 [at the final deadline] a bullish factor.
Experts noted that the SEC may use a reference to an unreliable correlation with the futures market, which, as in the case of GBTC from Grayscale, will be refuted in court.
Alternatively, the Commission may refuse on the basis of recognition of Ethereum as a security, which would contradict the position of the CFTC, which perceives the asset as an exchange-traded commodity. They recalled that futures based on the second largest cryptocurrency are already being traded on CME.
https://forklog.com/news/kak-ataka-na-ethereum-foundation-povliyaet-na-odobrenie-eth-etf-razbor-ot-forklogBernstein considers the risk-to-profit ratio in Ethereum attractive, given the outpacing growth of bitcoin. According to them, confirmation of such expectations will "bring back to life" L2 tokens like Arbitrum, Optimism and Polygon.
Analysts consider stETH as a high beta and the economics of restaking EigenLayer as an additional incentive and acceleration of the development of this niche.
Tripling the capitalization of cryptocurrencies
Experts have confirmed the forecast for the growth of the total market value of digital assets to $7.5 trillion in the next 18-24 months.
Data: Bernstein.Earlier, analysts noted that bitcoin is entering a "DeFi-summer" similar to Ethereum in 2020 due to record commissions due to the launch of Runes.
Recall that Franklin Templeton analysts called the protocol, along with Ordinals, L2 and primitives of decentralized finance, one of the main drivers of the revival of innovation in the first cryptocurrency.