BitOoda founder and former Wall Street trader Vivek Raman predicts an uptrend for Ethereum (ETH) in the second half of 2024.

Raman cites three important factors that are likely to become positive for Ethereum starting this week. In his analysis, Raman criticizes regulatory pressures and highlights the potential benefits of the upcoming ETH ETF launch. He expresses his belief that the launch of ETH ETFs will bring new capital to the Ethereum ecosystem. “In the last two years, the crypto market has essentially seen capital rotations between different assets and no new entries,” says Raman, who emphasizes that the cryptocurrency space is largely a closed loop and barriers to entry deter investors.

Raman states that individual investors prefer passive investment methods, while institutional investors need regulatory clarity to participate. He argues that the ETH ETF will pave the way for new inflows from both segments. “We saw $17 billion in new capital inflows after the BTC ETF launch. ETH is next,” comments Raman.

The second factor Raman noted is the end of regulatory scrutiny surrounding Ethereum. He criticizes SEC Chairman Gary Gensler's targeting of the Ethereum ecosystem since Merge. “Ethereum was under investigation, making it a radioactive asset for institutional investors,” says Raman. With ETH ETF approval, Raman thinks the period of regulatory uncertainty will end. “ETH is now classified as a commodity, its tokenization is risk-free, and lawsuits against organizations like Consensys and Ethereum 2.0 have been dropped,” he explains. This clarity paves the way for new applications and innovations within the Ethereum network.

The third critical factor that Raman highlights is the changing macroeconomic environment that is becoming conducive to riskier assets. He says the market has endured a wave of interest rate hikes and monetary tightening in the past two years at a pace not seen since the 1970s.

Political Change for Cryptocurrencies
Adding to the positive sentiment, Raman observes a gradual shift in political stance towards cryptocurrencies. “For years, the political environment has been negative towards crypto, but that is changing,” he says, suggesting a more supportive environment for crypto innovations going forward.

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