Kraken Executive Says Ethereum ETFs Can Amass $1 Billion Monthly

Kraken executive, Thomas Perfumo says Ethereum ETFs can swing the next market run with up to $1 billion inflows monthly.
By David Pokima
GOAT, FWOG & SPX Prices Skyrocket As Kraken Announces Listing

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.

Advertisement
Advertisement

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.

Advertisement
Advertisement

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

Advertisement
David Pokima
David is a finance news contributor with 4 years of experience in Blockchain Technology and Cryptocurrencies. He is interested in learning about emerging technologies and has an eye for breaking news. Staying updated with trends, David reported in several niches including regulation, partnerships, crypto assets, stocks, NFTs, etc. Away from the financial markets, David goes cycling and horse riding.
Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.