Bernstein: Hundreds of billions of dollars will flow into crypto ETFs! ETH paves the way for other tokens, SOL may benefit
- WBOYOriginal
- 2024-06-13 10:08:54738browse
According to CoinDesk, research firm Bernstein believes that more than $100 billion will flow into crypto-related ETFs in the next two years. U.S. approval of an Ethereum spot ETF paves the way for other blockchain tokens, and Solana (SOL) could benefit.
Bernstein reiterates Bitcoin price target of $150,000
Bernstein has always been optimistic about Bitcoin, with previous reports stating that the addition of spot Bitcoin ETFs with large broker-dealers will continue to provide support for Bitcoin. Provide structural requirements. Bernstein has always believed that Bitcoin will hit a cycle high of $150,000 in 2025, with a target price of $90,000 by the end of 2024.
The Bitcoin (BTC) and Ethereum (ETH) exchange-traded fund market is expected to grow to $450 billion, according to Bernstein’s cryptocurrency price forecast. This means more than $100 billion will flow into crypto ETFs over the next two years.
ETH paves the way for other blockchain tokens
Bernstein also mentioned that the U.S. Securities and Exchange Commission (SEC) approved eight Ethereum spot ETFs last week. Once the S1 application is approved, Ethereum ETF trading will be live on the exchange. Bernstein pointed out: Ethereum is the first token to be approved as a spot ETF based on proof of stake (PoS), and its approval paves the way for blockchain assets to develop from token sales.
Bernstein believes that the biggest controversy surrounding cryptocurrencies has been resolved now that ether has been classified as a commodity rather than a security. This has positive implications for other blockchain tokens as they may follow the same precedent and Solana (SOL) may benefit.
After the approval of the Ethereum spot ETF, many institutions are optimistic that Solona may be the next beneficiary. Daniel Yan, founder of Kryptanium Capital, recommends everyone to "buy SOL/ETH."
However, some, like JPMorgan Chase, have expressed doubts about the SEC’s approval of Solana and other cryptocurrency exchange-traded funds (ETFs).
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