{"id":159108,"date":"2023-12-21T13:12:56","date_gmt":"2023-12-21T13:12:56","guid":{"rendered":"https:\/\/crypto-economy.com\/?p=159108"},"modified":"2023-12-21T13:13:03","modified_gmt":"2023-12-21T13:13:03","slug":"market-could-target-ethereum-eth-following-bitcoin-etf-approval-report-says","status":"publish","type":"post","link":"https:\/\/crypto-economy.com\/market-could-target-ethereum-eth-following-bitcoin-etf-approval-report-says\/","title":{"rendered":"Market Could Target Ethereum (ETH) Following Bitcoin ETF Approval, Report Says"},"content":{"rendered":"

The imminent <\/span><\/span>launch of the <\/span><\/span><\/strong> Bitcoin (BTC)<\/span><\/strong><\/span><\/a>\u00a0Exchange Traded Fund (ETF<\/span><\/span><\/strong> ) has generated great excitement in the financial market and <\/span><\/span>Ethereum (ETH)<\/span><\/span><\/a> is beginning to attract the attention of new investors.<\/span><\/span><\/strong><\/p>\n

According to the <\/span><\/span>latest update<\/a> from QCP Capital,<\/span><\/span><\/strong> this real asset-backed ETF is expected <\/span><\/span>to be announced in less than three weeks<\/span><\/span><\/strong>, with possible dates between the <\/span><\/span>market close on January 5 or between January 8 and 10, 2024.<\/span><\/span><\/strong><\/p>\n

As we get closer to launch, a crucial point of debate -the backstop method- has been resolved<\/strong>, with most ETF providers bowing to the SEC’s demand to use cash only<\/strong> rather than other methods such as ‘in -kind’.<\/p>\n

However, market expectations regarding initial BTC ETF demand could not be met, potentially triggering a typical \u201csell the news\u201d scenario<\/strong> in the second week of January.<\/span><\/span><\/p>\n

Upside resistance is expected <\/span><\/span>for BTC in the range of $45,000 to $48,500,<\/span><\/span><\/strong> with a possible <\/span><\/span>correction to around $36,000<\/span><\/span><\/strong> before resuming the uptrend.<\/span><\/span><\/p>\n

Despite this possible correction, <\/span><\/span>QCP Capital remains confident in the continuation of the long-term uptrend,<\/span><\/span><\/strong> possibly after a few weeks, preparing for <\/span><\/span>a strong rally in the context of the BTC halving.<\/span><\/span><\/strong><\/p>\n

For those long on BTC, <\/span><\/span>it is suggested to strategically sell covered calls to take advantage of elevated futures and volumes,<\/span><\/span><\/strong> and consider purchasing out-of-the-money puts to manage the potential post-launch decline of the ETF.<\/span><\/span><\/p>\n

Additionally, the report points to Ethereum (ETH) as an asset to watch<\/span><\/span><\/h2>\n

As the market’s attention could quickly turn <\/span><\/span>towards a possible ETH Spot ETF in the future,<\/span><\/span><\/strong> eyes are also on the second largest crypto by capitalization.<\/span><\/span><\/p>\n

This could result in <\/span><\/span>a shift of interest from BTC to ETH,<\/span><\/span><\/strong> highlighting strong support in the ETH\/BTC cross at the 0.051 level, adding additional appeal to <\/span><\/span>Ethereum as a strategic investment.<\/span><\/span><\/strong><\/p>\n

\"Upcoming<\/p>\n

While an Ethereum Spot <\/span><\/span>ETF is believed <\/span><\/span><\/strong> to still be several months away<\/span><\/span><\/strong>, newly approved BTC ETF providers <\/span><\/span>could quickly file applications for a Spot ETF<\/span><\/span><\/strong>, generating speculative excitement around the price of Ethereum, regardless of its immediacy.<\/span><\/span><\/p>\n

Finally, <\/span><\/span>QCP Capital announced that this will be its last market update for the year<\/span><\/span><\/strong> and wished everyone a happy holiday and a pleasant end to this eventful year in the financial sphere.<\/span><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

The imminent launch of the Bitcoin (BTC)\u00a0Exchange Traded Fund (ETF ) has generated great excitement in the financial market and Ethereum (ETH) is beginning to attract the attention of new investors.<\/p>\n","protected":false},"author":33,"featured_media":159115,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[73,70,74],"tags":[9798,5001],"_links":{"self":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/posts\/159108"}],"collection":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/users\/33"}],"replies":[{"embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/comments?post=159108"}],"version-history":[{"count":0,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/posts\/159108\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/media\/159115"}],"wp:attachment":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/media?parent=159108"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/categories?post=159108"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/tags?post=159108"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}