Is Bitcoin expected to hit a record high over the weekend?
Further, Standard Chartered Bank said that if the Ethereum spot ETF is approved as expected on the 23rd, it will encourage the price of Ethereum to continue to soar, and because the approval of the Ethereum spot ETF will further legitimize the crypto industry, it will also be beneficial to BTC. Kendrick said:
If the news about ETH is true, then it comes at the right time for BTC. I expect Bitcoin to hit a new record high by the weekend.
Kendrick pointed out that the market situation has been more optimistic in recent days, and the inflow of funds into the Bitcoin spot ETF has increased, bringing its cumulative net inflow total to a record high of US$13.17 billion.
However, even if the Ethereum spot ETF is really approved, whether it will immediately encourage the price of Bitcoin and Ethereum to rise remains to be seen. If compared with the situation after the approval of the Bitcoin spot ETF, it may not be so good. After the Bitcoin spot ETF was approved on January 11, Bitcoin began to fall due to factors such as the favorable landing (sell the news) and the large net outflow of GBTC, and continued to rise until the end of January.
In addition, it is generally expected that the 19b-4 (Exchange Rule Change) document of the Ethereum spot ETF will be approved, and the product will also need S-1 (IPO Registration Statement) approval if it is to be listed (ETHE needs S-3 approval). The interval between the two may take weeks to months, so we are still a long way from seeing the inflow of up to US$45 billion expected by Standard Chartered Bank.
