The Impending Release of ETH ETFs May Prove a Catalyst to Boost ETH and BTC Prices, Says QCP

The impending release of the Ethereum spot exchange-traded funds could reportedly prove a huge catalyst, boosting the ETH and BTC prices.

Singaporean digital asset platform QCP Capital has highlighted the upcoming launch of ETH ETFs as a potential catalyst to boost ETH and BTC prices. It also anticipates the ETH ETFs to be launched around 15th July this year.

This news comes as a response to the recent massive price decline of Bitcoin on 8th July. The reports indicate that the price of Bitcoin plunged to $55,200 during the early trading hours in the US following the transaction of up to $900M worth of tokens to diverse exchanges. This led to a panic reaction in the market. However, the price quickly rebounded, indicating the bullish sentiment behind the chief crypto asset.

Out of nearly $900M worth of Bitcoin that went to exchanges, up to $200M later moved back to the police. This signifies that a great portion of the tokens did not enter the market, partly alleviating the selling pressure.

On the same day, the BTC ETFs experienced substantial inflows of approximately $295 million, which marks the highest in the past twenty days. This resilient demand highlights the market’s appetite for and confidence in Bitcoin irrespective of the current volatile situation.

Another factor contributing to this bullish behavior is the violent dip-buyouts. Despite having thin liquidity, Bitcoin and Ether have shown resilience with higher lows during this week. This pattern suggests that the community members are aggressively buying the dips, indicating strong investor confidence and demand concerning these assets’ long-term prospects.

The market is showing a high reactivity for supply movements. The quick response against the BTC transfer by the German police focuses on hypothetical selling pressure instead of a real slump in demand for spot ETFs, which might imply that the market is now over-positioned concerning a downside that is not materializing.

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