Kraken Executive Says Ethereum ETFs Can Amass $1 Billion Monthly
Highlights
- Kraken points spot Ethereum ETFs as the next bullish swing.
- The exchange executive suggests up to $1 billion in inflows monthly.
- These products continue to rally the crypto market in recent months.
Thomas Perfumo, the head of Strategy at Kraken stated that a lot of anticipated inflow in the crypto market is hinged on the approval of spot Ethereum ETFs. The executive accessed the price-in level of inflows to crypto products amid recent market swings. Ethereum ETFs have dominated industry spaces giving bulls a lifeline amid price fluctuations.
Kraken Sees Wider Adoption
Crypto exchange Kraken has tipped Ethereum ETFs to drive inflows in the wider market. In a recent Bloomberg interview, Thomas Perfumo noted that the market is trying to gauge ETF inflows suggesting around $750 million to $1 billion a month.
“… the market sentiment is trying to gauge and what kind of capital inflow we see from that so from what I’ve been able to gauge, I think the market is priced in something along the lines of $750 million to $1 billion of net inflows to Ethereum ETF products every month and so if we try to match that, it creates positive support for the industry, if we surpass that, note that Bitcoin was at a pace of north of $2.5 billion.”
If inflows surpass expectations, the chances of Ethereum tapping all-time highs become increased driving another round of positive market sentiments. Responding to reports of going public, he added that Kraken’s mission is to accelerate the adoption of crypto through strategic means. This year, crypto adoption has moved as institutional investment soared.
Ethereum ETFs Anticipation Shows Bullish Signals
As echoed by the Kraken executive, spot Ethereum ETFs could be the next uphill catalyst in the market. This is due to price swings following development concerning milestones towards the approval. After the approval of 19b-4 by the Securities and Exchange Commission (SEC), ETH price jumped 22% attracting inflows to crypto assets.
According to Perfumo, the US election, and interest rate cuts in the United States are also factors behind the bullish momentum. The recent U.S. CPI data shows cooling inflation on a monthly and yearly basis with traditional firms projected rate cuts as early as September.
Also Read: Tornado Cash Founder Trial Postponed to December
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