Ether to Hit $6.5K Later This Year Driven by Inflows Into Spot ETFs: Analyst
The crypto market is undervaluing the potential impact of the upcoming launch of spot ether (ETH) exchange-traded funds (ETFs) in the U.S., according to a report by Steno Research. The report predicts net inflows could reach $20 billion in the first year due to ether's appeal to Wall Street. This influx is expected to drive the value of ether higher, both in dollar terms and relative to bitcoin (BTC). The report also forecasts that ether could reach at least $6,500 later this year due to these inflows and other factors. The Securities and Exchange Commission (SEC) recently approved filings for spot ether ETFs, which could start trading as soon as next week. Steno's predictions are more optimistic than those of Galaxy Research and Bitwise, which forecast $5 billion and $15 billion of net inflows respectively in the initial periods following the launch.
