QCP Capital’s anticipation of Ethereum ETF approval could potentially elevate prices.
QCP Capital, a crypto asset trading firm, has made a bold prediction that the price of Ethereum could potentially rally by 60%, reaching around $6,000 if a spot ETF is approved. The analysts at QCP made this projection based on the performance of spot Bitcoin ETFs that were approved back in January. According to data from crypto.news, Bitcoin experienced a 66% increase, surging from approximately $44,300 to a peak of $73,700 in the two months following the approval.
The fate of Ethereum ETF applications from VanEck and Ark Invest will be decided by the SEC on Thursday and Friday respectively. Other applicants, including Invesco, Fidelity, BlackRock, Grayscale, Franklin Templeton, and Bitwise, have made last-minute changes to their filings this week.
In a recent QCP Broadcast, the analysts expressed that all eyes are on the Ethereum ETF deadline and that the market is expecting significant volatility, with Friday’s implied volatility surpassing 100%. The analysts also mentioned that VanEck’s ETF has been listed by the DTCC, indicating that an approval is highly likely and trading could begin as early as next week.
This bullish outlook from QCP aligns with the sentiments of research firm Bernstein. The analysts at Bernstein stated earlier this week that they anticipate similar price action for Ethereum as seen with Bitcoin ETFs, given the sustained demand inflow. They also highlighted that Ethereum’s free float and supply appear even more attractive than Bitcoin, as it is constrained by sticky investors and utility locking supply in financial smart contracts.
According to CoinMarketCap, Ethereum’s price has increased by 28% over the course of the week, and trading volume has risen by 17%. Currently, Ethereum’s price sits just below $3,800.
