The Impact of Kraken Executive Bold Prediction on Ethereum ETFs and Investors
Many of the projected inflows into the cryptocurrency market, according to Thomas Perfumo, head of strategy at Kraken, depend on spot Ethereum ETF approval. In light of recent market fluctuations, the executive obtained information about the price-in level of inflows to crypto products. A lifeline for bulls during price swings, Ethereum ETFs have taken over industry spaces. Perfumo stated that the market is attempting to estimate ETF inflows, speculating that they might be between $750 million and $1 billion per month in a recent interview with Bloomberg.
… the market sentiment is trying to gauge and what kind of capital inflow we see from that so from what I’ve been able to gauge, I think the market is priced in something along the lines of $750 million to $1 billion of net inflows to Ethereum ETF products every month and so if we try to match that, it creates positive support for the industry, if we surpass that, note that Bitcoin was at a pace of north of $2.5 billion.
Perfumo
Kraken Executive: Spot Ethereum ETFs Could Be a Massive Move for the Market
Spot Ethereum ETFs may be the market’s next big mover, as the Kraken executive also suggested. This is because of fluctuations in price that occur after developments about approval milestones. The Securities and Exchange Commission (SEC) approved 19b-4, causing the price of ETH to soar 22% and drawing money into cryptocurrency assets.
Ethereum has a greater possibility of reaching all-time highs if inflows exceed forecasts, which would boost market sentiment once again. In response to rumors of going public, he clarified that Kraken‘s goal is to strategically use technology to advance the adoption of cryptocurrency. As institutional investment surged this year, so did the popularity of cryptocurrencies.
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