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The cryptocurrency market continues to show resilience as Bitcoin (CRYPTO: BTC) spot ETFs recorded a net inflow of $11.7997 million on June 27, despite significant outflows from the Grayscale Bitcoin Trust (OTC:GBTC).
What Happened: This data comes as analysts express optimism about the imminent launch of spot Ethereum ETFs in the United States.
According to data from SoSo Value, while GBTC experienced an outflow of $11.4407 million, other ETFs more than compensated for this loss.
The Bitwise ETF (BITB) and Fidelity ETF (BATS:FBTC) saw inflows of $8.0432 million and $6.7194 million respectively, underscoring the ongoing demand for Bitcoin investment products.
Also Read: Is Altseason Around The Corner? Real Vision Analyst Reveals Key Indicators
Why It Matters: This mixed ETF performance comes as the crypto community turns its attention to the potential approval of spot Ethereum ETFs.
In a report released on Thursday, Steno Research painted a bullish picture for Ethereum (CRYPTO: ETH), predicting net inflows of $15 billion to $20 billion in the first year of spot Ethereum ETF launches, Coindesk reported.
“We continue to forecast a net inflow between $15 billion and $20 billion in the first 12 months, even considering the outflow from the Grayscale Ethereum Trust (OTC:ETHE),” said Mads Eberhardt, senior analyst at Steno Research.
The report suggests that these inflows could drive Ethereum’s value to at least $6,500 later this year.
Steno Research’s bullish stance on Ethereum ETFs contrasts with some other market predictions.
Galaxy Research, for instance, forecasts $5 billion of net inflows in the first five months, while asset manager Bitwise predicts $15 billion over 18 months.
Steno argues that due to Ethereum’s lower market capitalization and poorer liquidity compared to Bitcoin, even smaller inflows could have a more significant impact on its price.
The report also suggests that the Ethereum/Bitcoin ratio could strengthen to 0.065 later this year, indicating potential outperformance of Ethereum relative to Bitcoin.
As the cryptocurrency market continues to evolve, with new investment products entering the mainstream, events like Benzinga’s Future of Digital Assets on Nov. 19 become increasingly crucial for understanding market trends and regulatory developments.
Read Next: VanEck Files Solana ETF Application, SOL Rallies 6%
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