Steno Research, an independent macroeconomics, geopolitical, and crypto research house, has predicted that the spot ether ETF, presumed to start trading in early July, will take ETH to $6,500. Steno’s latest post on the subject forecasts that Ether ETFs will perform better than leading analysts have predicted, bringing up to $20 billion in inflows this year.
Steno Research: Spot ETFs Will Take Ether to $6,500 Later This Year
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Steno Research Predicts Ether to Reach $6,500 Due to Spot ETFs
Steno Research, a macroeconomic and crypto-focused insights institution, has published its predictions on how the crypto market will behave with the upcoming trading of spot ether exchange-traded funds (ETFs). Steno’s vision differs from the bearish vision of other market analysts like Eric Balchunas and James Seyffart, who have foreseen that these instruments will only be able to capture 10% to 20% of the inflows that their bitcoin counterparts captured this year.
This would mean that ether ETFs would only register inflows for $1.5 to $3 billion, rendering it unsuccessful compared to its bitcoin counterpart. Nonetheless, Steno believes these estimations are way off, predicting that ether ETFs will attract funds between $15 to $20 billion during the first year of trading, even including the possible outflows coming from the Ethereum Grayscale Trust, positively influencing the price action in the broader crypto market.
In the same way, this increased demand will take ETH prices to $6,500, in addition to other factors. Consequently, the ETH/ BTC ratio, currently around the 0.05 mark, will rise to 0.065. “This is largely because we believe the market shares the prevailing pessimistic view on Ethereum ETFs,” Steno declared.
While there has not been an official announcement on when these ETFs will begin trading, Steno Research and other analysts estimate that this will happen during the first days of July. This is due to the relatively few comments that the S-1 filings, documents where ETF issuers specify the inner workings of these instruments, have received, indicating that the launch of the spot ether ETFs might be imminent.
What do you think about Steno Research’s spot ether EFT projections and its repercussions on the ether price and the broader cryptocurrency market? Tell us in the comments section below.
