#If approved, $20 billion to $35 billion will flow into the Ethereum ETF
[블록미디어 이제인 기자]Geoff Kendrick, head of cryptocurrency research at Standard Chartered, predicted that traditional fund managers will turn to cryptocurrency investments following the launch of spot Bitcoin ETFs in the United States. Candrick predicted that the recent performance of cryptocurrency and the launch of new financial products based on cryptocurrency will lead to this change.
According to Bitcoinist on the 16th, Candrick said in an interview with Yahoo Finance that the United States Federal Reserve (FED) suggests an interest rate cut in 2024, and that this decision will reduce the volatility of assets such as Bitcoin and Ethereum. that it would have a positive effect.
He pointed out that “solid” investor confidence in Bitcoin and Ethereum, combined with the prospect of interest rate cuts, led to a strong performance. He noted that the large-scale fund outflow seen following the recent launch of the Bitcoin ETF (Grayscale GBTCDPTJ) has been confirmed to be a temporary phenomenon, and now has a positive outlook for fund inflows.
He emphasized that large-scale inflows into spot Bitcoin ETFs are likely to extend to traditional investors, especially the 401k market. He explained that due to the positive sentiment and large inflows into these ETFs, net inflows of $50 billion to $100 billion are expected by the end of this year.
Candrick also had a positive outlook on the approval of the Ethereum ETF. He explained that Ethereum’s performance shows strong growth in the technology industry, especially in relation to decentralized finance (DeFi), which means that the risk asset is holding up well. He predicted that if the US Securities and Exchange Commission (SEC) approved the Ethereum ETF, there would be a net inflow of $20 billion to $35 billion in 2024.
He said that traditional finance is still important and that ETFs, which have allowed large financial institutions to enter the cryptocurrency space, are helping to normalize the cryptocurrency market. He explained that this approach is an essential step in the evolution of both fields (traditional finance and cryptocurrency).
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