10x Research: Enthusiasm for Ethereum ETF significantly decreases, ETH/BTC ratio continues to fall
ChainCatcher News, 10x Research has released a new report predicting that Bitcoin could reach a new high if it breaks through $72,000 (71,946). However, they warn that over-positioning of Ethereum futures may lead to liquidation and negatively impact Bitcoin (last week Bitcoin fell by 5%, Ethereum by 9%). A report on Monday showed that Bitcoin is close to the rising trend line (purple) and has now fallen below it.
Comments from Gary Gensler, Chairman of the U.S. SEC, about needing time to approve Ethereum ETFS-1 seem more likely to start unwinding leveraged long positions rather than re-pricing Wall Street's interest rate expectations. Enthusiasm around the Ethereum ETF has significantly decreased and the ETH/BTC exchange rate continues to decline.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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