Ethereum in a clear bull market, according to Bloomberg Commodity Strategist – here’s why

The future of Ethereum includes plenty of bullish-looking “positive dangling carrots,” according to Mike McGlone, chief commodity strategist at Bloomberg Intelligence.

McGlone tells his 35,300 Twitter followers that it is only a matter of time before an Ethereum (ETH) Exchange Traded Fund (ETF) is created.

“The rapidly increasing open interest and volume of Ethereum show that a US ETF is only a matter of time, with positive effects on price and negative effects on volatility.”

Source: Mike McGlone / Twitter

Ethereum (ETH) is trading at $ 3,979 at the time of writing, which is down 4.6% over the past week, according to CoinGecko. The second largest asset by market cap hit its all-time high of $ 4,361 on October 21.

McGlone is also bullish on Bitcoin (BTC).

“The bull markets are all about positive dangling carrots and we see a lot ahead of us for Bitcoin and Ethereum. The launch of Bitcoin ETFs in the US seems like an iteration to get to what might better facilitate most investors – ETFs that track the crypto market, like the S&P 500. “

imageSource: Mike McGlone / Twitter

ProShares’ Bitcoin Futures Exchange Traded Fund (BITO) hit the market last week with the country’s second largest ETF launch ever. Alternative asset management company Valkyrie Investments launched the US’s second Bitcoin futures ETF just days later.

Regarding the introduction of ProShares, McGlone says:

“Strong inflows for the new ProShares Bitcoin Strategy (BITO) ETF show a backlog and quantitative traders targeting arbitrage opportunities, which is likely to narrow spreads and put pressure on volatility.

We see Bitcoin on its way to trading like gold. “

imageSource: Mike McGlone / Twitter

The strategist says Bitcoin is in a super cycle and predicts that the largest crypto asset will outperform commodities next year.

imageSource: Mike McGlone / Twitter
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Featured image: Shutterstock / Willyam Bradberry

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