While the news about Ethereum ETFs caused significant increases in Ethereum and Bitcoin prices, a new report came from the giant bank Standard Chartered.
Standard Chartered said it expects its spot Ethereum ETFs to be approved this week, leading to inflows of between $15 billion and $45 billion in the first 12 months of the ETFs, The Block reports.
Analysts also predicted that Ethereum would reach $8,000 by the end of 2024 following ETF approval.
Geoff Kendrick, Head of Digital Assets Research at Standard Chartered, stated the following in the report:
“We anticipate spot Ethereum ETFs to be approved this week and spot ETFs will generate 2.39-9.15 million Ethereum inflows in the first 12 months after approval.
“In US dollars, that works out to roughly $15 billion to $45 billion.”
Stating that Ethereum may also keep pace with Bitcoin after ETF approval, Kendrick said, “Given that we see Bitcoin reaching the $ 150,000 level by the end of 2024, this increase will mean a level of $ 8,000 for Ethereum.”
*This is not investment advice.