Ethereum

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Bitcoin

Analysts at QCP Capital note that despite Bitcoin’s quick drop to $59,000, funding is back to sensible levels and the more likely scenario is the outperformance of the ETH/BTC pair. 
In a volatile overnight session, Bitcoin (BTC) <a href="https://crypto.news/bitcoin-69000-all-time-high-2024/" target="_blank" rel="noreferrer noopener">quickly set</a> a new all-time high of $69,400 only to undergo a rapid decline, plummeting to $59,200 within a matter of a few hours. This steep downturn resulted in the liquidation of over $1 billion worth of leveraged long positions on Binance alone. 
However, as noted by analysts at QCP Capital, the market quickly rebounded as the dip was aggressively bought up, with the $60,000 level demonstrating robust support. According to analysts, funding rates have returned to “sensible levels,” hovering around 30% annually on Binance. Therefore, analysts at QCP Capital anticipate Ethereum (ETH) to outperform Bitcoin, noting that the narrative surrounding a spot <a href="https://crypto.news/tag/ethereum-etf/" target="_blank" rel="noreferrer noopener">Ethereum exchange-traded fund</a> (ETF) gains traction. 
<blockquote class="wp-block-quote"> 
 “[…] the likely scenario is the outperformance of ETHBTC as the ETH spot ETF narrative comes into play.” 
 QCP Capital 
</blockquote> 
 You might also like: <a href="https://crypto.news/what-is-ethereum-dencun-upgrade/"> As Ethereum’s Dencun upgrade nears, here is all you need to know </a> 
Despite the leverage unwinding, term futures are still trading at a significant premium to spot prices, analysts emphasized, adding there has been a surge in client activity aimed at selling the spot-forward spread, particularly for contracts expiring between September and December this year, allowing investors to secure risk-free yields for the year. 
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 <img loading="lazy" decoding="async" width="1024" height="297" src="https://crypto.news/app/uploads/2024/03/hsidfuhsdf-1024x297.png" alt="Ethereum is set to outperform Bitcoin as the spot ETH ETF narrative comes into play, analysts say - 16" class="wp-image-14255945">
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 Top cryptocurrencies by market cap from their all-time highs | Source: CoinGecko
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As of press time, Ethereum remains significantly distant from its all-time high compared to Bitcoin, suggesting a potential for rapid value appreciation. While Bitcoin trails only 4.3% from its historical peak reached on Mar. 5, Ethereum lags behind its 2021 record by over 20%, according to CoinGecko data. 
As the crypto landscape evolves, Wall Street behemoths are intensifying efforts to introduce more spot crypto ETFs, following the U.S. Securities and Exchange Commission’s (SEC) <a href="https://crypto.news/sec-approves-spot-bitcoin-etf-on-accelerated-basis/" target="_blank" rel="noreferrer noopener">approval</a> of all applications for spot Bitcoin ETFs earlier in January. Reports indicate ongoing discussions between the SEC and Ethereum ETF applicants, with decisions on spot Ethereum ETFs <a href="https://crypto.news/sec-delays-grayscale-spot-ethereum-etf-to-may/" target="_blank" rel="noreferrer noopener">delayed</a> until May at the earliest. VanEck’s filing, in particular, awaits a response by May 23, alongside applications from BlackRock, Franklin Templeton Grayscale, and Invesco Galaxy. 
 Read more: <a href="https://crypto.news/crypto-lawyer-ethereum-etf-blackrock/"> Crypto lawyer uncertain of May Ethereum ETF approval </a>

Ethereum is set to outperform Bitcoin as the spot ETH ETF narrative comes into play, analysts say

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