Cryptocurrency Market Remained Silent on Ethereum Launch: QCP Report

Cryptocurrency analysis firm QCP Capital published a market report for July 23.

QCP Capital shared a cryptocurrency market report via Telegram on July 23. The report stated that the market remained silent towards the launch of the Ethereum ETF.

Expressing that investors preferred to watch from a distance to see whether the launch would turn into a sell situation, QCP predicted that the market course may change soon.

The spot Bitcoin ETF comparison in the report was one of the notable points:

By comparison, the Bitcoin ETF fell to $38,000 after its launch highs but hit an all-time high two months later.

Stating that the US government and Mt.Gox continue to create sales pressure, analysts pointed out that 105 thousand BTC was moved to the stock exchanges today alone.

Option markets paint a different picture

Despite this silence and calmness in the spot market, it was stated that the option markets had a more aggressive atmosphere. The report stated that the options market seems to be expecting further downward movements in the near term, driven by the US Government and Mt Gox news.

This was interpreted as a greater demand for ETF launches on the institutional front.