As companion ETFs for ether are set to hit the market soon, some market players predict a price rally beyond its Nov. 2021 all-time high of $4,867.60 could be on the cards
The world’s No.2 cryptocurrency has remained in the wings this year as big brother bitcoin soared to all-time highs on the back of new U.S. exchange-traded funds meant to track its price.
Crypto graveyards are full of investors who thought they could reliably forecast these risky, choppy markets. Bitcoin soared to new peaks in March to as high as $73,803.25, two months after the first spot bitcoin ETFs started trading, from $45,947 before the launch. By contrast, ether has remained well off of its all-time high, trading only as high as $4,093.7 in March.
Research from crypto asset manager Grayscale Investments, which is set to convert its existing ether trust into an ETF, estimated that the spot ether ETFs could see 25 per cent-30 per cent of the demand of the bitcoin funds. Unlike bitcoin, ether can be staked, or locked up for a certain amount of time, in exchange for yield. Just under 30 per cent of the ether supply is staked, Pandl estimated, while another roughly 10 per cent is locked in smart contracts. That reduces the supply of ether available for purchase for the new ETFs, which could drive up the price, he said.
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