Ethereum

Reserve

Bitcoin

Time

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“Within the cryptocurrency sphere, the current gravitational force remains firmly tethered to BTC,” declared Vetle Lunde, the senior analyst at K33.
The relatively lackluster performance of nine recently introduced Ethereum futures exchange-traded funds (ETFs) has stirred the analysts at K33 Research to advocate for a strategic “return” to Bitcoin.
In their market <a rel="noopener noreferrer nofollow" title="report" href="https://thebittimes.com/tag/report.html">report</a> dated October 3rd, analysts Anders Helseth and Vetle Lunde articulated the imperative to “apply the <a rel="noopener noreferrer nofollow" title="brakes" href="https://thebittimes.com/tag/brakes.html">brakes</a> to ETH and pivot back to BTC.” They underscored this viewpoint by highlighting that the initial trading volume of Ether futures ETFs merely amounted to 0.2% of the monumental figures achieved by the ProShares Bitcoin Strategy ETF (BITO) on its inaugural trading day in October 2021.
While acknowledging that nobody anticipated the initial trading volume of Ether futures ETFs to come close to the levels seen with Bitcoin futures ETFs, the disappointing debut figures were described as “strikingly” below expectations.
Lunde offered a valuable insight, observing, “The launch of ETH futures ETF imparts a significant lesson regarding the impact of enhanced accessibility to crypto investments for traditional investors: institutional interest will only generate substantial buying pressure if a considerable unmet demand prevails. Regrettably, this is presently not the case for ETH.”
In a segment of the <a rel="noopener noreferrer nofollow" title="report" href="https://thebittimes.com/tag/report.html">report</a> labeled “Navigating More Choppy Waters Ahead,” Lunde expounded on the cryptocurrency market’s prevailing absence of substantial short-term catalysts, projecting that it would likely maintain its lateral course for the foreseeable future.
In Lunde’s perspective, this landscape favors Bitcoin, which anticipates the possibility of ETF approval early next year and an impending halving event scheduled for mid-April. He affirmed, “For the time being, the gravitational force within the cryptocurrency realm remains firmly anchored to BTC, offering a promising outlook down the road, with a bias toward aggressive accumulation.”
Ben Laidler, the global markets strategist at eToro, charted a comparable course for the future of crypto assets, albeit with a marginally more bearish sentiment.
In correspondence via email with Cointelegraph, Laidler identified ongoing macro trends as potential catalysts for a downturn in the prices of core cryptocurrencies such as Bitcoin. He remarked, “Historically, the Federal Reserve and fluctuations in oil prices have wielded substantial influence over the crypto market. As we find ourselves in the latter stages of the interest rate hike cycle, the market yearns for positive developments to propel it forward. However, the resurgence in oil prices could introduce a dampening effect on market sentiment.”
The post Time to <a rel="noopener noreferrer nofollow" title="switch" href="https://thebittimes.com/tag/switch.html">switch</a> back to Bitcoin and “pull the <a rel="noopener noreferrer nofollow" title="brakes" href="https://thebittimes.com/tag/brakes.html">brakes</a>” on Ethereum: K33 <a rel="noopener noreferrer nofollow" title="report" href="https://thebittimes.com/tag/report.html">report</a> appeared first on BitcoinWorld.
Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/time-to-switch-back-to-bitcoin-and-pull-the-brakes-on-ethereum-k33-report-tbt65448.html">https://thebittimes.com/time-to-switch-back-to-bitcoin-and-pull-the-brakes-on-ethereum-k33-report-tbt65448.html</a>

Time to switch back to Bitcoin and “pull the brakes” on Ethereum: K33 report

TheBitTimes

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