Mechanism Capital founder and partner Andrew Kang noted the potential impacts of the approval of spot Ethereum exchange-traded funds (ETFs) in the US on the Ethereum (ETH) price. Kang noted that the launch of these ETFs could cause significant declines in the price of ETH. He argued that ETF approval could have a âsell the newsâ effect if Ethereum cannot develop a strong way to improve its economic model.
Big Collapse Prediction in ETH
ETH is currently trading around $3,400. Kang predicts that ETH could fall as low as $2,400 following the launch of spot Ethereum ETFs. This represents a drop of approximately 30% from current prices. It is thought that ETH has received less institutional interest compared to Bitcoin and that there is little incentive to move into spot Ethereum ETFs.
In a post dated June 23, Kang argued that the upside potential of spot Ethereum ETFs is limited. He expects the ETH price to fluctuate between $2,400 and $3,000. This marks a significant decline for ETH, which previously surpassed $4,000 in March when Bitcoin hit an all-time high.
Additionally, Kang predicts that expected inflows into spot Ethereum ETFs will be less compared to spot Bitcoin ETFs. Spot Bitcoin ETFs attracted $5 billion in funds after their launch, while spot Ethereum ETFs are expected to attract approximately $840 million in inflows during the same period.
There Are Also Those Who Think Positive About ETFs
Despite Kang's negative outlook, industry analyst Patrick Scott expects similar activity to spot Bitcoin ETFs. However, Scott does not expect spot ETFs to double the Ethereum price. Asset management firm VanEck is more optimistic, predicting that spot Ethereum ETFs could help push the ETH price to $22,000 by 2030.
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