Canaccord Genuity Predicts Crypto Market Rising Led by Bitcoin ETFs
Investment firm Canaccord Genuity, which manages $570 million, predicts an upcoming rise in the cryptocurrency market.
In the company's quarterly report, it was emphasized that cryptocurrencies lagged behind traditional assets in the second quarter, but potential ETF inflows could reverse this situation.
Michael Graham, head of the firm's analyst team, stated that they expect spot ETFs to play a more important role in cryptocurrency price movements.
ETF Influx May Trigger Cryptocurrency Market Surge
In its latest quarterly report, Canaccord Genuity suggested that the cryptocurrency market may be on the verge of a significant rise. The firm emphasized that although cryptocurrencies lagged behind traditional assets in the second quarter, the introduction of exchange-traded funds (ETFs), especially spot ETFs, could change this dynamic.
The Role of Spot ETFs in Cryptocurrency Pricing
Michael Graham, head of Canaccord's analyst team, stated that spot ETFs could play a key role in influencing cryptocurrency prices.
The report noted that although Bitcoin ETF has observed a slowdown in inflows since the February peaks, institutional adoption is still increasing. ETFs are considered a gateway for institutional and individual investors to gain exposure to cryptocurrencies through appropriate funds.
This week, Ether spot ETFs are expected to be approved, which could increase institutional demand for other digital assets, ultimately benefiting the broader cryptocurrency ecosystem. Graham stated that despite macroeconomic uncertainties and unpredictability in the timing of future interest rate cuts, he is confident that post-Halving supply-demand dynamics can increase the impact of Bitcoin ETFs.
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