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⚡Ethereum Futures ETFs Disappoint🤦

Croxroad

05 Oct 2023 — 6 min read

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🫅 Time to Pivot from Ethereum to Bitcoin ETFs

The situation here is that nine new Ethereum futures exchange-traded funds (ETFs) haven't been performing as well as expected. This has led analysts at K33 Research to suggest that it might be a good idea for investors to shift their focus back to Bitcoin. In their report from October 3rd, analysts Anders Helseth and Vetle Lunde recommended "pulling the brakes" on Ethereum (ETH) investments and moving them back to Bitcoin (BTC). They pointed out that the initial trading volume of these Ethereum ETFs was only 0.2% of what the ProShares Bitcoin Strategy ETF (BITO) achieved on its first day of trading back in October 2021. While the analysts acknowledged that no one expected Ethereum ETFs to perform as well as Bitcoin ETFs did during a strong market, the initial numbers for Ethereum were even lower than anticipated, which was a disappointment to many.

The lack of interest from institutional investors in Ethereum ETFs has led Vetle Lunde to change his previous advice of increasing one's investment in Ethereum to take advantage of the ETF craze. He's essentially saying that just because these ETFs are becoming more accessible to traditional investors doesn't mean they'll automatically boost the demand for Ethereum. In fact, he believes there isn't a significant unmet demand for Ethereum in the current market. In another part of the report titled "more chop ahead," Lunde goes on to explain that, in general, the cryptocurrency market doesn't have any clear short-term drivers for price increases, and it's likely to continue moving sideways without significant upward or downward movements in the near future.

According to Vetle Lunde, the cryptocurrency landscape currently seems to be more favorable for Bitcoin. He believes that Bitcoin has some positive factors on the horizon, including the potential approval of a Bitcoin ETF early next year and an upcoming halving event scheduled for mid-April. He suggests that the momentum in the crypto market is still strongly in favor of Bitcoin, making it a good choice for aggressive accumulation.

Ben Laidler, a global markets strategist at eToro, shares a similar perspective on the future of crypto assets, although he's a bit more cautious. He mentions that there are macroeconomic trends at play, such as actions by the Federal Reserve and fluctuations in oil prices, which have historically influenced the crypto market. With the current stage of interest rate hikes and rising oil prices, Laidler suggests that the market is eagerly seeking positive news to drive prices higher, but the increase in oil prices could potentially dampen market sentiment.

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🍶 Double Bottom

A double bottom is a pattern frequently seen on price charts, and it's the opposite of the double top pattern. In this pattern, the price of an asset drops to a certain level twice, creating a horizontal support line. However, instead of continuing to decline, the price bounces back and starts moving upward. This formation is often considered a bullish signal by traders and analysts, suggesting that there's a good chance the asset's price will enter an uptrend. It's one of the many patterns that traders use to make predictions in the world of cryptocurrencies and other financial markets.