Thomas Perfumo, head of Strategy at Kraken, says the crypto market is banking on spot Ethereum ETFs for a big boost. He discussed how much money might flow into crypto products as prices increase. Ethereum ETFs are giving bulls hope as prices go up and down.
Kraken Expects More People To Use Crypto
Kraken, a crypto exchange, thinks Ethereum ETFs will bring more money into the market. Perfumo said the market expects about $750 million to $1 billion each month in a Bloomberg interview.
“The market is trying to guess how much money will come in,” Perfumo said. “From what I can tell, people think it’ll be about $750 million to $1 billion going into Ethereum ETF products monthly. If we match that, it’s good for the industry. If we beat it, remember that Bitcoin was getting more than $2.5 billion.”
Ethereum might hit new all-time highs if more money comes in than expected. This could make the whole market feel good. When asked about Kraken going public, Perfumo said they want to help more people use crypto in intelligent ways. This year, more big companies are investing in crypto.
People Excited About Ethereum ETFs
As Perfumo said, spot Ethereum ETFs could help the market grow. When the SEC approved a rule about ETFs, Ethereum’s price jumped 22%, and more money flowed into crypto.
Perfume also said the US election and possible interest rate cuts make people feel good about crypto. Recent US inflation data shows prices aren’t rising as fast, and some experts think interest rates might go down as early as September.
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Furthermore, the author’s views are for reference only and shall not constitute investment advice. Before purchasing, please ensure you fully understand and assess the products and associated risks.
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