Ethereum in a Clear Bull Market, According to Bloomberg Commodity Strategist – Here’s Why

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Ethereum’s future includes many “positive dangling carrots,” according to Bloomberg Intelligence senior commodities strategist Mike McGlone.

McGlone recount to its 35,300 Twitter followers that it’s only a matter of time before an Ethereum (ETH) exchange-traded fund (ETF) is established.

“Ethereum’s open interest and rapidly rising volume shows that a US ETF is only a matter of time, with positive price implications and negative volatility implications.”

Source: Mike McGlone / Twitter

Ethereum (ETH) is trading at $ 3,979 at the time of writing, down 4.6% last 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 the positive dangling carrots and we see a lot of future for Bitcoin and Ethereum. The launch of Bitcoin ETFs in the US seems like an iteration to come up with what could better facilitate most investors – ETFs that follow the crypto market, such as the S&P 500. “

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Source: Mike McGlone / Twitter

ProShares’ Bitcoin Futures Exchange Traded Fund (BITO) exploded into the market last week with the nation’s second-largest ETF launch of all time. Alternative asset management firm Valkyrie Investments launched the second US Bitcoin futures ETF a few days later.

Regarding the launch of ProShares, McGlone said,

“The strong inflows for the new ETF ProShares Bitcoin Strategy (BITO) show pent-up demand and quantitative traders targeting arbitrage opportunities, which are likely to narrow spreads and put pressure on volatility.

We see Bitcoin on the right track to trade like gold.

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Source: Mike McGlone / Twitter

The strategist said Bitcoin is in a supercycle and predicts that the biggest crypto asset will outperform commodities next year.

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Source: Mike McGlone / Twitter

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