Potential Approval of Ethereum Spot ETF Could Disrupt the Bitcoin and ETH Narrative

9 months ago 16

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Singaporean-based cryptocurrency asset trading firm QCP Capital has indicated in its latest report that the speculation around Ethereum’s chances of exchange-traded fund (ETF) approval by the US regulator, could lead to significant gains in the near future.

“We expect ETH to continue outperforming BTC over the medium term as the narrative rotates to potential ETH Spot ETF approvals,” the report states.

Ethereum May Outperform Bitcoin in H1, with Spot ETF Speculation

According to QCP Capital’s most recent market report, it highlights the imminent arrival of the Bitcoin halving in just three months. However, as in previous instances, the cryptocurrency market remains susceptible to global events. Furthermore, its trajectory could be influenced by unfolding events worldwide.

“The next major crypto events are BTC halving (mid-Apr), and potential ETH Spot ETF approvals from May. In the meantime, crypto might take some direction from macroeconomic events.”

The United States presidential election scheduled for November 2024 looms as a significant upcoming event, drawing the attention of numerous analysts.

However, among the candidates, a notable presence of pro-crypto contenders is observed. Industry leaders anticipate that the election’s outcome will have substantial influence over the prioritization and regulatory stance on cryptocurrency. Furthermore, it will shape the trajectory of the industry.

Ethereum Spot ETF and Bitcoin in Presidential Election Speculation

Meanwhile, the spot Bitcoin ETFs received approval from the US Securities and Exchange Commission (SEC) last week. These drew heightened media attention and sparking ongoing debates.

However, many US citizens are keeping their eyes on which presidential candidates views are like to crypto.

Meanwhile, in December 2023, Grayscale, the asset management firm, conducted a survey titled “2024 Election: The Role of Crypto,” as reported by BeInCrypto.

Additionally, the findings unveiled a growing concern among Americans regarding the escalating cost of inflation. Yet, the perception of Bitcoin as deflationary is growing, and it is increasingly acknowledged as a store of wealth. This suggests a rising inclination among US citizens to turn to Bitcoin as a viable option.