The post Ethereum ETFs will push ETH price above $5K – Bitwise appeared on BitcoinEthereumNews.com.

Reports have it that Ethereum ETFs could launch trade on July 23rd, 2024. Eric Balchunas adds, “Ironic and kinda funny 7/23 is right in the middle of the biggest Bitcoin conf of the year.” The launch of Ether ETFs is said to usher in a bull run and an ETH price surge above $5,000. Also Read: Bitcoin Fear and Greed index spikes to 61 amid market recovery Matt Hougan, the Chief Investment Officer at Bitwise, believes that the launch of spot Ethereum exchange-traded funds could potentially have a more significant impact on ether compared to similar products in the case of Bitcoin. In a note to clients on Tuesday, Hougan predicted that spot Ethereum ETF inflows could drive the price of ether to new record levels above $5,000. However, this surge may not happen immediately.  Ethereum price is headed for a bull rally According to him, the initial period following the launch of Ethereum ETFs could be quite volatile for the second-largest cryptocurrency. This is because there is a possibility that funds may be withdrawn from the $11 billion Grayscale Ethereum Trust (ETHE) after its transition into a spot ETF. Here’s my prediction: ETP inflows will push prices to all-time highs, above $5,000. Not immediately—in fact, I think the first few weeks could be choppy, as money may flow out of the $11 billion Grayscale Ethereum Trust (ETHE) after it converts to an ETP. But by year-end, I’m confident the new highs will be in. Matt Hougan, On May 23, the Securities and Exchange Commission gave its approval to eight 19b-4 forms for spot Ethereum ETFs from Bitwise, BlackRock, Fidelity, VanEck, Ark Invest, Invesco, Franklin Templeton, and Grayscale. Nevertheless, the issuers must ensure that their S-1 registration statements are approved before trading can commence. Hougan cited three key reasons why…

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Filed under: News - @ July 18, 2024 12:28 pm