In a recently published analysis by cryptocurrency analysis firm QCP, the company expressed a bearish outlook for Bitcoin (BTC) and a bullish outlook for Ethereum (ETH).
QCP highlighted potential supply pressures on Bitcoin from two main sources. The first of these is the famous Mt. Distribution expected from Gox bankruptcy case. The second source is the recent DMM hack, which could have resulted in approximately $305 million in additional supply.
Mt. Gox case is a long-standing issue in the Bitcoin community, and the potential distribution of recovered Bitcoins is a significant event that could impact the market. Similarly, the recent DMM attack has increased potential supply pressure on Bitcoin.
On the other hand, QCP expressed a bullish outlook for Ethereum. The firm predicts that Ethereum spot ETFs may begin trading earlier than expected in June. This follows the US Securities and Exchange Commission (SEC) urging applicants to submit S-1 forms by May 31.
QCP believes this development could catch a sleepy market off guard, and its bets are on the bullish side, especially for Ethereum. According to analysts, the launch of Ethereum spot ETFs could potentially increase demand for Ethereum, providing a positive boost to its price.
*This is not investment advice.
This is a total non-article. Completely pointless.