Spot Ether exchange-traded funds (ETFs) could have been more successful if they were launched alongside Bitcoin ETFs in January, the executive who heads Bitstamp’s U.S. operations has argued.
“Cryptocurrencies are currently behaving similarly to other risk assets, suggesting that markets are maturing compared to a year ago or even earlier,” Zagotta said. Bitcoin ETFs launched on January 10, 2024, and saw net inflows of $17.5 billion, according to CoinGlass data. Ether ETFs launched in July and have seen net outflows of over $600 million since then.
“Ether ETFs were launched at a time when risk assets in general were going through a tough time. Right now, people are waiting. Everyone is on hold because of regulatory uncertainty and sociopolitical issues in the US, which is adding to the stagnation in the markets,” Zagotta said.
Zagotta, who stated that this situation negatively affected ETF listings, stated that the launch of the Ether ETF before the Bitcoin ETF could have yielded more positive results. According to Farside Investors data, only one-third of the trading days of Ether ETFs recorded a positive daily balance sheet. Zagotta added, “Ethereum is currently under serious pressure due to other attractive alternatives.” “It is certain that these protocols have not yet reached Ethereum levels in terms of application, transaction volume and price, but projects like Solana are attracting great interest.” He emphasized that Ethereum is going through its most competitive period in this process.
However, Zagotta also noted that hopes for Ether could brighten by the end of the year. “I personally believe we are moving towards a moment of clarity. Elections, interest rates and hopefully regulatory developments in the US will have an impact on this,” he said. Describing the fourth quarter as an “active market,” Zagotta is cautiously optimistic for some “real price action,” including altcoins.
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I EXPLAIN IN DETAILED.
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