Over the weekend, QCP Capital, a cryptocurrency firm based in Singapore, announced a significant decrease in market volatility following the approval of exchange-traded funds (ETFs) for spot ethereum (ETH). Despite ongoing catalysts, QCP noted that bitcoin is facing bearish pressure due to potential new supply from the Mt Gox distribution, which is estimated to be worth $9.6 billion, as well as from the DMM Bitcoin hack, which amounts to approximately $305 million. However, QCP analysts identified bullish tendencies in ether, as spot ETFs could potentially be launched earlier than anticipated, possibly in June. The Securities and Exchange Commission (SEC) has advised applicants to submit their Form S-1 by May 31. QCP concluded that “a sluggish market may be caught off guard, and we are betting on the bullish side, particularly for ethereum.”
