As known from:
known from Coinwireknown from Benchknown from Coinindex
  • About CryptoGmblr.com
Contains commercial content
Cryptogambling / Experts call for return to BTC as Ether ETFs’ debut disappoints

Experts call for return to BTC as Ether ETFs’ debut disappoints

Publish Date: 05/10/2023
gold and silver round coins - A pile of Bitcoin coins., tags: experts - unsplash

gold and silver round coins – A pile of Bitcoin coins. – unsplash

Experts at wealth management platform K33 Research have suggested investors should “rotate back” to Bitcoin (BTC). The call came as trading volumes across nine new Ethereum futures exchange-traded funds (ETFs) amounted to less than $2 million.

Ether ETFs from issuers such as ProShares, VanEck and Bitwise went live at the beginning of this week. This allows investors to invest in digital assets without a crypto custodian, exchange account, or wallet.

However, their first-day performance was just a fraction of their Bitcoin counterparts in October 2021. Ether ETFs amassed only $8.5 million, while ProShares Bitcoin Strategy ETF (BITO) and ProShares Short Bitcoin Strategy ETF (BITI) recorded a combined post-launch trading volume of $576.5 million.

While experts never expected the number to come close, especially since the Bitcoin futures ETF was launched during a bull market, Ether futures ETFs’ performance missed expert expectations by a wide margin.

Staying ‘Ahead of the Curve’

In the latest “Ahead of the curve” weekly report released on October 3, K33 senior analyst Vetle Lunde and head of research Anders Helseth encouraged investors to consider ditching ETH for BTC.

“We believe it’s time to pull the breaks on ETH and rotate back into BTC,” they said. “We no longer see a strong bull case for ETH/BTC in the short term.”

Lunde and Helseth argued that the ETH futures ETF launch serves as a reminder for the community to evaluate the impact of easier access to crypto investments for traditional investors. Lunde wrote, “Increased institutional access will only create buying pressure if significant unsatiated demand exists.”

The K33 analysts believe the current crypto market lacks short-term price catalysts, causing it to remain on its sideways trajectory. The only exception is Bitcoin, which could soon see spot BTC ETF listings and is welcoming a halving event scheduled for mid-April.

According to CoinDesk Indices data, Ethereum prices have slid about 2.4 percent so far in October to $1,640. In the meantime, Bitcoin recorded a 1.4 percent increase over the same time frame and is also outperforming ETH on a weekly, monthly and yearly basis.

Analysts from Matrixport pointed out in a Wednesday market update that the decreasing activity on Ethereum and the native token’s relapse to being inflationary could weigh further on its prices.

Furthermore, last month, Ethereum’s network revenues dropped to the lowest level since December, when ETH was traded at $1,200. This suggests that the digital currency could be overpriced by around 30–40 percent at its current prices of around $1,600–$1,700.

Obstacles for crypto

While Bitcoin remains the top choice for long-term crypto investment, Ben Laidler, a global markets analyst at eToro, pointed out that macroeconomic factors might act as a downward pressure on the prices of popular crypto assets in the future.

Laidler explained that the Federal Reserve and oil prices have been powerful macro influencers in the crypto market.

“At the late stage of the rate hike cycle we’re in, the market is looking for further good news to push on, but with oil prices rising again, this could have a cooling effect on sentiment,” he said.

Top Online Casinos
Top Casinos Bonuses
Stake.us
Stake.us
Stake.us Review
4.6/5
McLuck
McLuck
McLuck Review
4.6/5
High5Casino
High5Casino
High5Casino Review
4.5/5
Sweeptastic
Sweeptastic
Sweeptastic Review
4.5/5
Wow Vegas
Wow Vegas
Wow Vegas Review
4.5/5
Stake.us
Stake.us Bonus
$55 Stake Cash + 260K Gold Coins + 5% Rakeback
T&Cs apply
4.6/5
McLuck
McLuck Bonus
7.500 Gold Coins + 2,5 Sweepstakes Coins
T&Cs apply
4.6/5
High5Casino
High5Casino Bonus
5 Sweeps Coins + 250 Game Coins + 600 Diamonds
T&Cs apply
4.5/5
Sweeptastic
Sweeptastic Bonus
Get 70,000 Lucky Coins and 44 Sweeps Coins
T&Cs apply
4.5/5
Wow Vegas
Wow Vegas Bonus
1.75M WOW Coins + 35 Free Sweepstake Coins
T&Cs apply
4.5/5
Latest News
Charles Hoskinson forecasts Altcoin season showdown: ADA vs. DOGE
Cardano (ADA) Faces Dual Meme Coin Competition where ...
Top 5 AI cryptocurrencies ready to thrive during the next bull market
New crypto ventures merge the groundbreaking capabilities of ...
Top Crypto Exchange Sites
Crypto Exchange Guide
  • Crypto Exchanges
  • Betting Exchange
Top Brands
Top Bonuses
Stake.us
Stake.us
Stake.us Review
4.6/5
McLuck
McLuck
McLuck Review
4.6/5
High5Casino
High5Casino
High5Casino Review
4.5/5
Sweeptastic
Sweeptastic
Sweeptastic Review
4.5/5
Wow Vegas
Wow Vegas
Wow Vegas Review
4.5/5
Stake.us
Stake.us Bonus
$55 Stake Cash + 260K Gold Coins + 5% Rakeback
T&Cs apply
4.6/5
McLuck
McLuck Bonus
7.500 Gold Coins + 2,5 Sweepstakes Coins
T&Cs apply
4.6/5
High5Casino
High5Casino Bonus
5 Sweeps Coins + 250 Game Coins + 600 Diamonds
T&Cs apply
4.5/5
Sweeptastic
Sweeptastic Bonus
Get 70,000 Lucky Coins and 44 Sweeps Coins
T&Cs apply
4.5/5
Wow Vegas
Wow Vegas Bonus
1.75M WOW Coins + 35 Free Sweepstake Coins
T&Cs apply
4.5/5

Players must be 21 years of age or older or reach the minimum age for gambling in their respective state and located in jurisdictions where online gambling is legal. Please play responsibly. Bet with your head, not over it. If you or someone you know has a gambling problem, and wants help, call or visit: (a) the Council on Compulsive Gambling of New Jersey at 1-800-Gambler or www.800gambler.org; or (b) Gamblers Anonymous at 855-2-CALL-GA or www.gamblersanonymous.org.

Trading financial products carries a high risk to your capital, especially trading leverage products such as CFDs. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

This site is using Cloudflare and adheres to the Google Safe Browsing Program. We adapted Google's Privacy Guidelines to keep your data safe at all times.

21+NCPGCloudflareSSLco² neutral
Close
Players accepted in the US US Flag
Stake.us Exclusive Bonus
$55 Stake Cash + 260K Gold Coins + 5% Rakeback
Promo Code
Go to Stake.us
Visit Site
T&Cs apply, 18+
Payment Methods
Bitcoin
Litecoin
Ethereum
Dogecoin
Highlights
  • Exclusive promo code: CRYPTGAMBL
  • Play Stake Originals games for free
  • Get free Stake Cash daily just by logging in
Stake Originals
Dice
Crash
Plinko
Mines
×
Your Bonus Code:
The bonus offer of was already opened in an additional window. If not, you can open it also by clicking the following link:
Visit Site