According to analysts at QCP Capital, the market is bullish due to the anticipation of high demand in the US following the final approval of spot Ethereum ETFs. On June 3, Ethereum outperformed Bitcoin by 15%, which was reflected in the options market’s implied volatility.
The sharp increase in volatility can be traced back to May 23, after the approval of Forms 19b-4 for spot ETH-ETFs by the US Securities and Exchange Commission (SEC).
Despite potential negative factors such as the Mt. Gox sale and the DMM Bitcoin exchange hack, the market remains optimistic.
This could be due to speculators increasing their long positions in other major cryptocurrencies in anticipation of similar spot exchange-traded fund approvals in the near future. However, at the time of writing, Ethereum’s price has dropped by 1.2% to $3,784.
