Bitwise: Ethereum ETFs Will Greatly Impact Ethereum Price
The United States’ introduction of spot Ether exchange-traded funds could face some initial challenges, but Bitwise Chief Investment Officer Matt Hougan believes they could have a larger effect on the asset’s price than BTC’s ETFs did for Bitcoin.
Hougan mentioned that the initial few weeks of trading may be volatile as some investors may choose to withdraw funds from the $11 billion Grayscale Ethereum Trust (ETHE) as it undergoes its conversion to an exchange-traded product.
However, he remains confident that by the end of the year, Ether ETFs will lead to new highs for the asset’s price.
Nonetheless, he cautioned against expecting immediate significant results, citing the potential selling pressure that spot Bitcoin ETFs experienced when they launched on January 11.
