Within the last 18 days, Davies disclosed that the ETFs purchased 56,150 BTC. This translates to over a four-month supply of BTC. In addition, the renowned investor believes Ethereum’s potential spot ETF launch will have a substantial influence on the market.
“Ethereum ETFs are about to start trading soon,” Davies opined.
Furthermore, Davies added that the continuous accumulation of Bitcoin from institutions like MicroStrategy, Block and Semler Scientific (NASDAQ:SMLR) could also influence Bitcoin’s future movement.
“Institutions, wealth managers, and pension funds worldwide are lining up to own a piece of the Bitcoin pie. This bull run is going to be way crazier than you think,” Davies concluded.
At press time, BTC is trading at $71,456, representing an increase of 0.27% in the last 24 hours. Trading volume increased by 14.5% to over $30 billion.
In a contrary opinion, renowned banking giant JPMorgan claims the Ethereum ETFs could attract a much lower share of inflows than expected when it finally begins trading. The banking institution forecasts inflows of $3 billion for the ETH products this year. Nonetheless, the bank says this amount could double if staking is permitted.
This article was originally published on U.Today
Source: Cryptocurrency - investing.com
