Spot Ethereum ETFs are eagerly awaited for trading. Because ETH ETFs are expected to stimulate the cryptocurrency market, especially Ethereum.
At this point, some analysts think that ETH ETFs will not meet expectations, while some analysts expect Ethereum to experience significant inflows, although not as much as Bitcoin.
Kraken manager thinks spot Ethereum ETFs will be the next bullish wave.
Speaking to Bloomberg, Kraken Head of Strategy Thomas Perfumo said that opening spot Ethereum ETFs to trading will attract more capital and increase public interest in crypto.
The Kraken executive said the crypto market expects $750 million to $1 billion worth of net inflows into Ethereum ETFs in 1 month.
Making a prediction about the ETH price, the Kraken manager claimed that Ethereum could reach record levels between $4,000 and $5,000 if ETH inflows meet expectations.
To indicate that this prediction is reasonable, Perfumo pointed out that after the SEC approved the 19b-4 applications, the ETH price jumped 22% and revived the cryptocurrency market.
The Kraken manager also said that apart from Ethereum ETFs, the US elections and the FED's interest rate cuts are other catalysts of the bullish momentum.
*This is not investment advice.