Crypto market experts believe that the potential approval of a spot Bitcoin exchange-traded fund (ETF) is being seriously underestimated, with some analysts suggesting that it’s a buyer’s market at the moment.
K33, formerly known as Arcane Research, recently released a market report stating that sentiment in the crypto market doesn’t align with the increasing likelihood of a spot Bitcoin ETF approval. According to K33 senior analyst Vetle Lunde and vice president Anders Helseth, the past three months have significantly improved the odds of such an approval, yet the market hasn’t fully priced this in.
The analysts argue that if a spot Bitcoin ETF is approved, it could trigger substantial inflows into the market and drive up Bitcoin prices. They believe that the potential downside of a rejection is minimal and wouldn’t significantly impact Bitcoin’s current trajectory.
Moreover, they point out that several Bloomberg analysts are now predicting a 75% chance of ETF approval within the year, further challenging the market’s current outlook on ETFs.
Lunde and Helseth go on to emphasize that this is an opportune moment to accumulate Bitcoin aggressively, given the prevailing market conditions. They describe it as a buyer’s market and stress that it would be reckless not to take advantage of the current Bitcoin price levels.
In addition to their optimistic view on Bitcoin, the analysts are also bullish on Ethereum (ETH). They believe that ETH is poised to outperform Bitcoin in the coming months, benefiting from strong momentum leading up to the launch of a futures-based ETF for Ethereum. Drawing parallels with Bitcoin’s performance before its first futures-based ETF launch in 2021, they see potential for significant gains in Ether’s price.
Furthermore, they note that a futures-based Ethereum ETF is expected to receive approval from the SEC in mid-October.
In conclusion, K33’s analysts suggest that the crypto market is underestimating the potential impact of a spot Bitcoin ETF approval, and they advise investors to consider accumulating Bitcoin aggressively at current price levels. They are also optimistic about Ethereum’s performance in the near future, given the impending launch of a futures-based ETF for the cryptocurrency.
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