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Canaccord Genuity, a global investment bank, published its new report addressing the developments in the cryptocurrency market.
According to Coindesk, Canaccord analysts discussed spot ETFs and stated that ETFs will have a greater impact on cryptocurrency prices.
Noting that institutional crypto adoption is still increasing at this point, Canaccord analysts stated that more than half of the world's largest hedge funds are now investing in spot Bitcoin ETFs.
Stating that spot Bitcoin and Ethereum ETF approvals are encouraging for the market, analysts said that although BTC and altcoins underperformed traditional assets in the second quarter, potential ETF entries could reverse the downward trend.
Canaccord analysts led by Michael Graham stated that ETFs will become more decisive in BTC, ETH and altcoin prices as they attract more investors to the market.
<blockquote>
 “Spot Bitcoin ETF inflows have slowed since their peak in February. But institutional adoption and ETF investments are still increasing.
 More than 50% of the world's largest hedge funds now own spot BTC ETFs, while major institutions continue to announce their BTC ETF investments.
 Therefore, we expect BTC ETF investments to continue to increase.
 Individual investors will also consider purchasing ETFs for BTC exposure through individual retirement accounts (IRAs) and other tax-advantaged accounts.
 “The arrival of more investors will contribute to the increase in prices.”
</blockquote>
Analysts also evaluated the start of trading of spot Ethereum ETFs, which was one of the most important issues of July, and argued that spot ETH ETFs could have a positive impact when they started trading.
According to analysts, ETH ETFs could help increase institutional appetite for other cryptocurrencies and benefit the broader crypto ecosystem.
*This is not investment advice.
 Continue Reading: <a href="https://en.bitcoinsistemi.com/etf-comment-from-analysts-it-will-affect-bitcoin-ethereum-and-altcoin-prices-more-heres-why/" rel="noopener noreferrer nofollow">ETF Comment from Analysts: “It Will Affect Bitcoin, Ethereum and Altcoin Prices More!” Here's Why!</a>

ETF Comment from Analysts: “It Will Affect Bitcoin, Ethereum and Altcoin Prices More!” Here's Why!

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Ďalšie články zverejnené 1. 7. 2024

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