Bitcoin to Ethereum Transition: It's Time to Hit the Brakes

Samiksha

"K33 Senior Analyst Vetle Lunde stated, ""In the cryptocurrency space, the current gravity is still firmly tethered to BTC."" The recent lackluster performance of the nine Ethereum futures exchange-traded funds (ETFs) prompted analysts at K33 Research to advocate a strategic ""return"" to Bitcoin.

In their market report from March 2nd, analysts Anders Helseth and Vetle Lunde elaborated on the necessity of ""hitting the brakes on ETH and turning to BTC."" They emphasized this viewpoint, highlighting that the initial trading volume of Ethereum futures ETFs represented only 0.2% of the massive figure achieved by ProShares Bitcoin Strategy ETF (BITO) on the first trading day of March 2021.

While acknowledging that no one expected the initial trading volume of Ethereum futures ETFs to come close to the level of Bitcoin futures ETFs, the disappointingly low debut data is described as ""stunning"" and below expectations.

Lunde offered valuable insights, pointing out, ""The launch of ETH futures ETFs provides an important lesson for traditional investors looking to increase their cryptocurrency investments: if there's a significant unmet demand, institutional interest will only create significant buying pressure. Unfortunately, the situation for ETH is not currently like that.""

In the section of the report titled ""Navigating More Turbulent Waters,"" Lunde elucidated the general lack of substantial short-term catalysts in the cryptocurrency market and predicted that the cryptocurrency market might remain sideways in the foreseeable future.

In Lunde's view, this situation favors Bitcoin, with Bitcoin ETFs expected to potentially receive approval early next year, and a halving event scheduled for mid-December. He affirmed, ""Currently, the gravity in the cryptocurrency space is still firmly anchored to Bitcoin, and the future outlook is hopeful, tending toward accumulation.""

eToro's Global Market Strategist Ben Laidler painted a similar path for the future of cryptocurrency assets, albeit with a slightly pessimistic sentiment."

Samiksha

Is it not possible to convert?

Sona59

This is something that also needs attention.