Analytics Firm IntoTheBlock: Crypto Markets Shift Attention From Bitcoin to Ethereum

It has been reported the fact that the analytics firm IntoTheBlock said the fact that the crypto markets are shifting attention from BTC to ETH. Check out the latest reports about this below.

Traders are reportedly assuming that Ethereum (ETH) will be the next cryptocurrency to have a spot market exchange-traded fund (ETF), claims a recent analysis by the prominent analytics firm, IntoTheBlock.

The report suggests that Ethereum has significantly outperformed Bitcoin in the last few days, following the “fake” approval of spot-based BTC ETFs.

The rise in Ethereum’s value is a sign that traders are already anticipating the approval of spot market Ethereum ETF applications.

The US Securities and Exchange Commission (SEC) recently had its X account compromised by a bad actor who made a false post announcing the approval of a spot market Bitcoin ETF.

“Ether has outperformed Bitcoin by over 10% since the initial fake approval of the spot ETF came out on Tuesday.

With Blackrock and several other entities having pending applications for Ethereum spot ETF applications, the market appears to be giving it high odds they will pass.”

It has been suggested by Outumuro that the recent approval of spot Bitcoin ETFs may lead to the SEC also approving a spot Ethereum ETF.

The SEC’s approval of the Bitcoin ETF has increased the likelihood of an Ethereum ETF by stating that any fraud or manipulation that affects prices in Bitcoin’s spot markets would likely affect CME Bitcoin futures prices in a similar way.

As Ethereum already has a futures ETF, it appears that the SEC may use the same reasoning in approving it, as both are susceptible to the same type of potential manipulation.

Outumuro notes that traders are also accumulating crypto assets supporting ETH’s ecosystem.

“Additionally, the market has also favored higher beta ETH-related investments, with layer-2 tokens and liquid staking protocols recording gains of over 10% this week, and with extra catalysts fueling these higher.”

The IntoTheBlock executive concluded that the potential approval of ETH ETFs would be a major catalyst for Ethereum traders.

“Market speculators have already shifted their attention to ETH in anticipation of spot ETFs generating a similar effect on the second-largest crypto asset.”