QCP Capital Predicts Ethereum’s Victory
QCP Capital, a renowned crypto trading firm based in Singapore, foresees Ethereum surpassing Bitcoin in the near future. In a recent analysis shared on Telegram, the company asserts that the potential approval of ETH Spot ETFs will propel Ethereum ahead of Bitcoin. Despite recent drops in both BTC and ETH forwards, QCP Capital identifies a lucrative opportunity in ETH forwards, currently offering impressive annual returns ranging from 11% to 13%.
QCP Capital stated:
“Selling ETH 1-month 2200 Puts may prove to be a strategic move, offering annual yields exceeding 21% and serving as a favorable entry point in case of a dip triggered by ETH spot ETF approvals.”
- The company emphasizes two significant upcoming events in the crypto sphere: the BTC halving set for mid-April and the potential approval of ETH Spot ETFs starting in May.
- QCP Capital will closely monitor the January Federal Open Market Committee (FOMC) meeting, as well as the February Non-Farm Payroll (NFP) and Consumer Price Index (CPI) reports.
The Impact of BTC Spot ETF and ETHBTC Cross
Since the debut of the BTC Spot ETF, a total of $9.8 billion has been traded across various ETFs, with the Grayscale Bitcoin Trust (GBTC) leading at $4.6 billion. Notably, GBTC experienced outflows of $1.17 billion post its ETF transition, a move anticipated due to its historical trading at a discount.
Anthony Scaramucci, founder of hedge fund SkyBridge, envisioned:
“Bitcoin could potentially hit $170,000 in the approaching year, driven by the growing ETF demand and the upcoming halving event.”
QCP Capital’s endorsement of the ETHBTC cross at 0.05 has materialized, with Ethereum’s continued rise to 0.06 against Bitcoin. The firm expects Ethereum to sustain its outperformance over Bitcoin as focus shifts towards potential ETH Spot ETF approvals.
