Time to switch back to Bitcoin and “pull the brakes” on Ethereum: K33 report
“Within the cryptocurrency sphere, the current gravitational force remains firmly tethered to BTC,” declared Vetle Lunde, the senior analyst at K33. The relatively lackluster performance of nine recently introduced Ethereum futures exchange-traded funds (ETFs) has stirred the analysts at K33 Research to advocate for a strategic “return” to Bitcoin. In their market report dated October 3rd, analysts Anders Helseth and Vetle Lunde articulated the imperative to “apply the brakes to ETH and pivot back to BTC.” They underscored this viewpoint by highlighting that the initial trading volume of Ether futures ETFs merely amounted to 0.2% of the monumental figures achieved by the ProShares Bitcoin Strategy ETF (BITO) on its inaugural trading day in October 2021. While acknowledging that nobody anticipated the initial trading volume of Ether futures ETFs to come close to the levels seen with Bitcoin futures ETFs, the disappointing debut figures were descri...