In recent cryptocurrency news, the US launch of Ether (ETH) futures Exchange-Traded Funds (ETFs) by firms such as VanEck, ProShares, and Bitwise has been described as underwhelming. Analysts from K33 Research noted that the ETFs gathered only $8.5 million in assets under management (AUM). This is a stark contrast to Bitcoin's (BTC) $576.5 million AUM, reported on Thursday. The analysts pointed out a persistent decline in Ether's value against Bitcoin and the slow adoption of Bitcoin futures since 2017 as potential reasons for this disparity.
Later on Thursday, the analysts suggested a shift from Ethereum to Bitcoin due to these disappointing first-day volumes of ETH futures ETFs and an apparent lack of institutional interest. This advice contradicts their previous recommendations, indicating a change in their outlook for the two cryptocurrencies. They forecast a sideways trajectory for the broader crypto market but identified BTC's potential ETF approval and upcoming halving event as catalysts for aggressive accumulation.
Analysts from eToro echoed K33 analysts' perspective on the same day, although they also highlighted macro trends that could potentially exert downward pressure on major crypto assets. Despite initial optimism marked by increased Ether futures premiums, the lackluster results have faded this enthusiasm. There seems to be no strong bull case for ETH/BTC in the short term, leaving traders' market outlook divided.
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