Ethereum

Galaxy

In a recent Bloomberg interview, Thomas Perfumo, Kraken’s head of Strategy, predicts that Ethereum ETFs could attract between $750 million and $1 billion in monthly investments.
“The market sentiment is trying 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” Perfumo stated.
In the <a href="https://www.bloomberg.com/news/videos/2024-07-12/kraken-head-of-strategy-ethereum-etf-is-a-big-deal-video" target="_blank" rel="noopener noreferrer nofollow">interview</a>, Perfumo noted that if the inflows exceed expectations, it could provide strong support for the industry and potentially drive Ethereum to new record highs.
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 It creates positive support for the industry, if we surpass that, note that Bitcoin was at a pace of north of $2.5 billion <cite>He said</cite>
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Moreover, the hype around Ethereum ETFs has already generated some optimism among investors. After the SEC approved the 19b-4 filing, Ethereum’s price jumped by 22%, attracting investments into crypto assets.&nbsp;
This price movement shows how the market is sensitive to regulatory developments and the potential for growth once ETFs are approved.
Perfumo also pointed out other factors that support the current market sentiment, including the upcoming U.S. election and potential interest rate cut by the Federal Reserve. The recent U.S. CPI data suggest disinflation on a monthly and yearly basis, with some traditional firms projecting rate cuts starting as early as September.&nbsp;
These wider economic factors, combined with the developments in the crypto space are shaping the overall market outlook.
Regarding Kraken’s strategy, Perfumo emphasized the exchange’s goal to drive crypto adoption through strategic initiatives. When asked about reports of Kraken going public, he reiterated the company intended to expand crypto adoption instead.
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 Also Read: <a href="https://www.cryptotimes.io/2024/07/10/invesco-and-galaxy-lower-ether-etf-fees-to-0-25-amid-competitive-market/" rel="noopener noreferrer nofollow">Invesco and Galaxy Lower Ether ETF Fees to 0.25% Amid Competitive Market</a>
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Kraken Executive: Ethereum ETFs Could Amass $1B Monthly

The Crypto Times

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