This weekend, the Singaporean cryptocurrency firm QCP Capital reported a significant drop in market volatility after the approval of spot ethereum (ETH) exchange-traded funds (ETFs), despite ongoing catalysts. QCP highlighted that bitcoin is under bearish pressure due to potential new supply from the Mt Gox distribution, estimated at $9.6 billion, and from the DMM Bitcoin hack, which is approximately $305 million. In contrast, QCP analysts observed that ether shows bullish tendencies as spot ETFs could launch sooner than expected in June. The Securities and Exchange Commission (SEC) has urged applicants to file their Form S-1 by May 31. “A sleepy market may get caught offside and our bet is on the bullish side, particularly for [ethereum],” the company concluded.
Source: Bitcoin
