When Will the SEC Approve Ethereum ETFs, What Are the Possible Dates? When Will the Expected Rise Start? QCP Capital Analysts Answered!

Bitcoin Although it rose to $48,000 after ETF approval, the subsequent sales pressure BTC It brought its price down to $38,000.

BTC decline Ethereum While it is also effective on altcoins, especially altcoins, investors are wondering whether this decline will continue.

At this point, evaluating the market in general QCP Capital analysts, spot for the next bullish wave ETH He stated that they were waiting for their approval.

Analysts state that it is still unclear whether Ethereum ETF approvals will occur in 2024. “If the SEC clusters approval deadlines as it does for Bitcoin ETFs, we can say that ETH ETF approval is likely.” said.

However, if the SEC delays the decision date on BlackRock and Fidelity’s Ethereum ETF application until the end of June at most, that is, if they do not stack, this could be an indication that the SEC has no intention of approving an ETH spot ETF this year.

Analysts examining the decline in Bitcoin after evaluating the possibility of ETH ETF approval Grayscale Apart from its sales, he said that it was effective in its news about Mt.Gox refunds.

“BTC traded as low as around 38,500 following significant daily outflows from Grayscale of $500 million – $600 million.

At this point, Graysacle has approximately $21 billion in AUM, which is still a large potential supply.

Apart from Grayscale, it seems that the news that Mt.Gox verified BTC addresses for creditor repayments was also effective in Bitcoin’s breakout of the $ 40,000 level.”

Analysts recently said that they are following the FOMC meeting on January 31 and the US Treasury’s Quarterly Repayment Announcement (QRA) in Bitcoin and cryptocurrency markets.

Stating that they expect the US Treasury to comply with the strategy in November 2023 and issue more short-term debt, QCP analysts said that there are two reasons for these expectations:

” Reason 1: US elections are being held this year. The U.S. will issue more short-term debt to keep liquidity plentiful and U.S. stocks to stay high. (beneficial to the incumbent regime, meaning the Treasury Secretary is more likely to retain his seat).

Reason 2: With the expectation that the FED will cut interest rates this year, the US Treasury will want to postpone locking in long-term bond issuances now and prefer to issue long-term debts later when interest rates are lower.”

Analysts expect that if the U.S. Treasury issues more short-term debt, risky assets, Bitcoin and cryptocurrencies He said that it could bring an increase for

But if the U.S. Treasury surprises the market by choosing to increase long-term debt issuance instead, bond yields will rise again and stocks will sell off sharply.

However, analysts think it is more likely that the US Treasury will issue short-term debt and that the rally will begin as a result.

*This is not investment advice.