Potential Approval of Ether Spot ETF Could Disrupt Bitcoin and ETH Narrative

This article is brief:

-U.S. regulators may approve an ethereum spot ETF, increasing the prospects for a significant rise in ethereum in the near future.

-QCP Capital predicts that ETH could outperform BTC in the first half of this year, especially given the potential ETH spot ETF.

-The U.S. SEC’s recent approval of a spot Bitcoin ETF has sparked intense media attention and ongoing debate.Kadena Mining

In its latest report, QCP Capital, a Singapore-based cryptocurrency asset trading firm, said that speculation surrounding the possibility of an ethereum exchange-traded fund (ETF) receiving approval from U.S. regulators could bring about a significant uptick in the near future.

The report states, “We expect ETH to continue to outperform BTC over the medium term as the market turns to potential ETH spot ETF approval.”

Ether Likely to Outperform Bitcoin in H1, Spot ETF Speculation

QCP Capital’s latest market report highlights that a halving of Bitcoin in just three months is imminent. However, as has been the case before, the cryptocurrency market remains vulnerable to global events. Moreover, its trajectory could be affected by ongoing events around the world.

“The next major crypto events are the BTC halving (mid-April) and the possible approval of the ETH spot ETF in May. In the meantime, cryptocurrencies may get some direction from macroeconomic events.”

Talk of an Ether spot ETF is gaining momentum, with BlackRock CEO Larry Fink recently backing Ether. He expressed confidence in its value as an ETF.

Fink said, “I see value in Ether ETFs. These are just stepping stones to pass-through, and I really believe that’s where we’re going.”

As of this writing, the price of Ether is $2,527. Furthermore, this reflects a 3-month increase of about 59%.

Ether 1-Month Price Chart

The U.S. presidential election scheduled for November 2024 has attracted the attention of many analysts as a major upcoming event.

However, among the candidates, there is a clear contender in favor of cryptocurrencies. Meanwhile, industry leaders expect the election results to have a significant impact on cryptocurrency prioritization and regulatory stance. Moreover, it will shape the trajectory of the industry.

Spot Ether ETF and Bitcoin Amid Presidential Election Speculation Litecoin DOGE Miner

Meanwhile, the Spot Bitcoin ETF was approved by the U.S. Securities and Exchange Commission (SEC) last week. These attracted a lot of media attention and sparked an ongoing debate.

However, many U.S. citizens are watching the presidential candidates’ views on cryptocurrencies.

Meanwhile, in December 2023, asset management firm Grayscale reportedly conducted a survey titled “Election 2024: The Role of Cryptocurrencies”.

In addition, the results of the survey reveal a growing concern among Americans about the rising cost of inflation. However, Bitcoin is increasingly viewed as deflationary and as a means of storing wealth. At the same time, this suggests that U.S. citizens are increasingly favoring Bitcoin as a viable option.