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Matt Hougan, Chief Investment Officer at Bitwise Asset Management, has outlined three key reasons why he believes Ethereum (CRYPTO: ETH) will reach a new all-time high following the launch of spot Ethereum Exchange-Traded Products (ETPs).
What Happened: Hougan predicts that by year-end, Ethereum’s price will surpass its previous record of $5,000, driven primarily by ETP inflows.
He bases this forecast on three structural factors that differentiate Ethereum from Bitcoin (CRYPTO: BTC):
Also Read: Donald Trump Comments On Crypto Pivot: ‘If We Don’t Do It, China Will’
Hougan anticipates that new Ethereum ETPs will attract around $15 billion in assets over their first 18 months.
Given these factors and Ethereum’s current price of approximately $3,400 (about 29% below its all-time high), he finds it difficult to imagine ETH not challenging its previous record.
While Hougan expects some initial market choppiness due to potential outflows from the Grayscale Ethereum Trust (OTC:ETHE) as it converts to an ETP, he remains confident in his bullish outlook for Ethereum by the end of the year.
This bullish outlook for Ethereum comes at a pivotal time for the cryptocurrency industry, as market participants eagerly await regulatory clarity and potential ETF approvals.
Investors and industry leaders will have the opportunity to delve deeper into these topics and explore their implications at Benzinga’s Future of Digital Assets conference on Nov. 19.
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