Key Points
- According to a new report from Berenstein, the Bitcoin and Ethereum ETF market could reach $450 billion.
- Crypto ETFs could see over $100 billion in inflows over the next two years.
A new report from Berenstein reveals an optimistic prediciton, stating that Bitcoin and Ethereum ETFs are expected to grow to a $450 billion market.
Analysts Gautam Chhugani and Mahika Sapra believe that this would mean flows of over $100 billion over the next 18-24 months into crypto ETFs.
Optimistic Bitcoin predictions
The broker also predicts a cycle of $150,000 for Bitcoin and believes that BTC could reach $90,000 by the end of 2024.
Matrixport also posted an optimistic prediciton about the price of Bitcoin earlier today. They noted that seasonality has been a good predictor of BTC prices, and just how it predicted February was a strong month for the coin.
They noted that June and July should be bullish for BTC and we can expect new ATHs for the digital asset this summer.
According to Matrixport, BTC tends to rally 4% in June with 6 out of the last 10 June up.
At the moment of writing this article, BTC is trading close to $68,000.
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Ethereum gained 26% during the past week
Berenstein also noted that Ethereum was able to gain approximately 26% during the past week, after the US SEC approved the 19b-4 filings of eight spot Ethereum ETFs.
At the moment of writing this article, ETH is trading above $3,800.
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Regarding the ETH ETFs, once the S1 filings are approved, the crypto products will go live on exchanges.
The US regulator approved the proposal of Grayscale and Bitwise to trade on the NYSE stock exchange; iShares (BlackRock) on Nasdaq; along with VanEck, ARK/21 Shares, Invesco, Fidelity, and Franklin Templeton on the Cboe BZX stock exchange.
Ethereum ETFs’ approval ends the security controversy
The approval means that Ethereum has been classified as a commodity, and not a security, and this finally settles the biggest controversy surrounding the digital asset.
According to Berenstein, ETH is the first Proof-of-Stake based coin to be approved as a spot ETF, and this approval paves the way for a blockchain asset to evolve from a token sale.
The report also added that this has positive implications for other blockchain tokens, building a viable precedent. Solana (SOL) could benefit from this as well, according to them.
Not too long ago, we revealed that CNBC “Fast Money”’s crypto investor Brian Kelly sparked a debate on the X platform after he suggested that Solana (SOL) could be the next digital asset to receive a spot exchange-traded fund (ETF) in the US.
