According to a recently published analysis by cryptocurrency analysis firm QCP, the company highlights a bearish outlook for Bitcoin (BTC) and a bullish outlook for Ethereum (ETH).
QCP focuses on two primary sources to identify potential supply pressures on Bitcoin. The first of these is the famous Mt. Gox is in bankruptcy case. The second source is the recent DMM hack, which could have resulted in additional supply of approximately $305 million.
Mt. Gox case is a long-standing issue in the Bitcoin community, with the potential distribution of recovered Bitcoins an event that could significantly impact the market. Similarly, the recent DMM attack has also increased potential supply pressure on Bitcoin.
On the other hand, QCP maintains a bullish outlook for Ethereum. The firm predicts that Ethereum spot ETFs may begin trading earlier than expected in June. This follows the US Securities and Exchange Commission (SEC) urging applicants to submit S-1 forms by May 31.
QCP believes this development could catch a sleepy market off guard, and its bets carry bullish potential, especially for Ethereum. According to analysts, the launch of Ethereum spot ETFs could increase demand for Ethereum, providing a positive boost to its price.
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So who will benefit?
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I EXPLAIN IN DETAIL.
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