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Time to ‘pull the brakes’ on Ethereum and rotate back to Bitcoin: K33 report

– The lackluster performance of nine new Ethereum futures exchange-traded funds (ETFs) has led analysts at K33 Research to recommend rotating back into Bitcoin (BTC).

  • The initial trading volume of Ether futures ETFs accounted for only 0.2% of the ProShares Bitcoin Strategy ETF (BITO) on its first day of trading in October 2021.
  • The underwhelming first-day numbers were significantly lower than what was expected.

This lack of institutional appetite for Ether ETFs has caused analysts to change their stance on increasing ETH allocation.

Institutional access will only create buying pressure if there is significant unsatiated demand, which is currently not the case for ETH.

In the short term, the crypto market lacks meaningful price catalysts and is expected to continue sideways. However, Bitcoin remains favorable due to the potential spot for ETF approval and the upcoming halving event.

Current macro trends, such as the Fed and oil prices, may impact the crypto market and push prices downward.

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