$ETH Approval of exchange-traded funds (ETFs) in the US could lead to a significant rise in the value of the token, mirroring the market reaction we have seen with Bitcoin ETFs.

Bitcoin rose to more than $73,000 from $42,000 in the two weeks after the ETFs began trading on January 11, CoinGecko data shows.

A decision on the ETF is expected soon, with significant buying activity observed on both centralized and blockchain-based exchanges.

Approval of exchange-traded funds (ETFs) in the US could lead to a rally of up to 60% in the second-largest cryptocurrency in the coming months, QCP Capital said in a Thursday broadcast on Telegram.

The Singapore-based company said these forecasts reflect the market's reaction following the approval of bitcoin ETFs in January. Bitcoin rose to more than $73,000 from $42,000 in the two weeks after the ETFs began trading on January 11, CoinGecko data showed.

“With implied volatility on Friday above 100%, the market is anticipating fireworks,” QCP said. “VanEck's ETF is listed by the DTCC. We believe approval is now highly likely with trading expected as early as next week #ETF_ETH