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Ethereum to $5,000? Nine experts on how the ETF approval will impact prices. With Ethereum surging 30% to $3,800 in May following U.S. ETF approvals, experts predict potential new highs of $5,000 as early as June, driven by institutional investments and market optimism.
Experts Predict Ethereum ETF Approval to Boost Prices Amid Market Optimism and Institutional Interest
According to DL News, the opinion of the experts is as follows.
Galaxy’s Mike Novogratz
Galaxy Digital CEO Mike Novogratz said the SEC's Ethereum ETF game was changed due to a "widespread" pivot in Washington.
If the SEC's change of heart was politically motivated, "that's a seismic shift," Novogratz said.
"If that's what actually happened, prices are going to be much higher than here."
However, since he made those remarks, President Joe Biden has acted as promised and vetoed a pro-crypto measure that both parties supported.
FRNT Financial’s Brickell
By the end of June, Bitcoin and Ethereum will have attained all-time highs, according to FRNT Financial's director of international distribution, David Brickell.
He said that spot Ethereum ETF approvals, a more positive outlook on the economy, and a smattering of crypto-friendly votes on Capitol Hill signal that the world's two leading cryptocurrencies will enjoy strong tailwinds over the next few weeks.
"Wouldn't be surprised to see $80,000 and $5,000″ for Bitcoin and Ethereum, respectively, Brickell told DL News.
CCData’s Jacob Joseph
Research analyst at cryptocurrency data firm CCData, Jacob Joseph, not only predicted that Ethereum would set a new record, but he also predicted that $3.9 billion would be poured into US spot Ethereum ETFs within the first one hundred days of their debut as reported by DL News.
He calculated the sum by extrapolating the performance of the first 100 days of the ten-spot Bitcoin ETFs.
However, he warned that Ethereum could encounter difficulties due to withdrawals from the Grayscale Ethereum Trust, which could negatively impact market sentiment.
According to research conducted by BitMEX, since its inception in January, the Grayscale Bitcoin Trust has experienced outflows of over $17.7 billion.
The capital has been transferred primarily to funds that charge reduced fees.
OKX’s Lennix Lai
OKX's global chief cryptocurrency commercial officer, Lennix Lai, told DL News that spotting the Ethereum ETF will incite a fresh surge of interest from institutional investors.
He predicted that $500 million would be invested in Ethereum ETFs in their inaugural week.
"It's probably just as, if not more, important as the Bitcoin ETF approval," he said.
TzTok-Chad
A surge in industry optimism has motivated traders to invest approximately $3.4 billion in purchasing calls, which are bullish wagers, on the expectation that Ethereum's value will surpass $4,000 by June 28.
The positioning in the derivatives suggests that many traders aim for prices over $5,000, according to DL News' pseudonymous originator of decentralized options exchange Stryke, TzTok-Chad.
However, he cautioned that the journey towards the new benchmark needs to be clearer-cut and that volatility is to be anticipated.
Consensys’ Joe Lubin
Anticipate a "floodgate" of Ether demand, which will likely cause a supply shortage and drive prices higher, according to Joe Lubin, co-founder of Consensys and founder of the cryptocurrency infrastructure firm Ethereum.
Establishments with prior knowledge of Bitcoin ETFs "will likely want to diversify into that second approved ETF," Lubin told DL News.
"There's going to be a pretty large amount of natural, pent-up pressure to purchase Ether" via ETFs, he said.
He cautioned that supply will be insufficient to meet demand, unlike in January, when spot Bitcoin ETFs were authorized.
Bernstein
Flows from Ethereum ETFs will not approach those of Bitcoin funds.
Analysts at the research firm Bernstein, Gautam Chhugani, and Mahika Sapra assert this.
They stated in a report dated June 3 that ETFs offer a chance to leverage "pent-up demand from the same participants as the Bitcoin ETF, maybe with a lower allocation for ETH."
"And given ETH's supply situation (staking, smart contracts, HODL data), ETH should see positive price action upon the ETF launch (expected next few days/sometime this month)," Chhugani and Sapra said.
Kaiko’s Adam McCarthy
According to Adam McCarthy, an analyst at Kaiko, investors who "crowded around" favorable options now focus on gains.
He nevertheless cautioned that "Hong Kong ETFs didn't see much demand and have had mixed days with several net outflow days already. No staking is a big factor too, and likely impacts demand further."
He recommended observing Grayscale's $9 billion ETHE product: " If it suffers large outflows, that would be significant for prices."
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