Expect Ethereum Prices to Soar with Introduction of ETFs, Suggests Bitwise CIO
Matt Hougan, Bitwise’s chief investment officer, predicts Ethereum prices are set to surge to new record highs. Driven by the introduction of spot Ethereum exchange-traded funds (ETFs).
Hougan anticipates Ethereum could surpass $5,000 by year-end despite potential initial volatility post-ETF launch. Particularly with funds flowing out of the Grayscale Ethereum Trust (ETHE). He underscores Ethereum’s favorable supply-demand dynamics, citing its near-zero percent inflation rate over the past year and substantial portion of ether staked or locked in defi smart contracts, totaling about 40% off the market.
Hougan draws parallels to Bitcoin’s ETF-driven price increases, confident that Ethereum’s ETFs will attract substantial investments and potentially challenge its previous all-time high.
Clever Robot News Desk 19th July 2024
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