Bitcoin (BTC), Etherum (ETH) and Altcoins have recently experienced fixes.
At this point, Bitcoin fell to $112,000 after reaching a new ATH of $124,000 last week, but Etherum, which is said to reach a new ATH, fell from $4,800 to $4,000.
Though expectations for Ethereum’s new ATH are still ongoing, the ETH report came from US banking giant JpMorgan.
According to Coindesk, JP Morgan analysts said the rise in both the ETF and the Department of Corporate Treasury could further boost Ethereum prices.
At this point, JP Morgan analysts say Ethereum is better than Bitcoin, supported by a strong influx into Spot Ethereum ETF and a rise in Corporate Treasury allocation.
Analysts noted that the Spot Etherum ETF raised $5.4 billion in capital in July, matching it with the Bitcoin ETF. But while Bitcoin funds have seen modest leaks ever since, ETH ETFs continue to attract capital, they noted.
JPMorgan said demand for Ethereum from businesses and ETFs will continue to grow. The SEC’s recent declaration that “liquid staking” in cryptocurrency does not violate securities laws is a key factor in this.
“The SEC has shown that liquid steaking tokens may not be classified as securities, easing concerns from institutional investors.”
The bank added that SEC approval for ETH ETF’s in-kind redemption is expected to reduce costs, increase liquidity and further strengthen Ethereum’s position on Bitcoin.
*This is not investment advice.
