Benzinga

4M
...

Is Market Ready For Ethereum ETF? Approval Uncertainty Keeps Traders Bullish On Bitcoin, Says Report

Despite predictions of a potential surge in Ethereum ETH/USD value, traders still favor Bitcoin (BTC) over ETH. This trend is influenced by the uncertainty surrounding the U.S. Securities and Exchange Commission (SEC) approval of ETH-based exchange-traded funds (ETFs).

What Happened: A report by CoinDesk on Friday highlighted that traders are showing a preference for Bitcoin despite bullish predictions for Ethereum. This was observed through the ETH/BTC forward term structure, indicating a potential Ether-Bitcoin ratio decline in the coming months.

The report also mentions that the ETH/BTC ratio experienced a 17% surge shortly after the SEC approved spot Bitcoin ETFs. However, it has since…

Read more on Benzinga

75.5K Reads