Ethereum’s future includes plenty of bullish-looking “positive dangling carrots,” according to Bloomberg Intelligence’s senior commodity strategist Mike McGlone.
McGlone tells his 35,300 Twitter followers that it is only a matter of time before an Ethereum (ETH) exchange-traded fund (ETF) is established.
“Rapidly rising Ethereum open interest and volume show that a US ETF is only a matter of time, with positive implications for the price and negative for volatility.”
Ethereum (ETH) is trading at $3,979 at time of writing, down 4.6% in the past week, according to CoinGecko. The second-biggest asset by market cap hit its all-time high of $4,361 on October 21st.
McGlone is also bullish on Bitcoin (BTC).
“Bull markets are about positive dangling carrots and we see plenty ahead for Bitcoin and Ethereum. The launch of Bitcoin ETFs in the US appears as an iteration to get to what may better facilitate most investors – ETFs tracking the crypto market, like the S&P 500.”
ProShares’ Bitcoin futures exchange-traded fund (BITO) exploded onto the market last week with the country’s second-biggest ETF launch of all time. Alternative asset management firm Valkyrie Investments launched the US’s second Bitcoin futures ETF just days later.
Regarding the ProShares launch, McGlone says,
“Strong inflows for the new ProShares Bitcoin Strategy (BITO) ETF show pent-up demand and quantitative traders targeting arbitrage opportunities, which are likely to narrow spreads and pressure volatility.
We see Bitcoin on track to trade like gold.”
The strategist says Bitcoin is in a supercycle and predicts the largest crypto asset will outperform commodities next year.Don't Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
Check Price Action
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Willyam Bradberry