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Standard Chartered expects Ethereum to outperform Bitcoin once spot ETFs are approved in May.
Find out in this article why British multinational bank Standard Chartered expects Ethereum to outperform Bitcoin following ETF approval in May this year. The bank gives a bullish forecast for the price of Bitcoin and Ethereum and expects the price of Ethereum to rise to $14,000 per unit. Read on to learn more about these predictions and whether an Ethereum ETF will be approved.
Standard Chartered expects Ethereum to outperform Bitcoin once spot ETFs are approved in May.
British multinational bank Standard Chartered has published its forecast for Ethereum (ETH) in a press release. The bank expects Ethereum to outperform Bitcoin (BTC) following the approval of spot ETFs in May this year. Standard Chartered has raised its previous forecast for the peak of the Bitcoin cycle from $150,000 to $250,000 in 2025. Ethereum is expected to rise to $14,000 per unit after up to $45 billion is expected to flow into Ethereum in the first 12 months after the ETFs are approved.
According to Standard Chartered analyst Geoff Kendrick, the spot ETF approval is expected to bring in 2.39 million to 9.15 million ETH in the first year, worth about $15 billion to $45 billion. This forecast volume reflects analyst expectations for inflow into Bitcoin spot ETFs. Since launching on January 11, US Bitcoin spot ETFs have already recorded more than $11.9 billion despite continued outflows from the Grayscale Bitcoin Trust (GBTC).
Standard Chartered also points out the potential for a correlation between Bitcoin and gold. While gold's market cap is $14 trillion, Bitcoin's market cap is $1.4 trillion. The bank highlights that there is a $12.6 trillion gap and that at $680,000 Bitcoin would reach the market cap of gold.
Given the current pace, Standard Chartered has adjusted its 2024 Bitcoin price forecast from $100,000 to $150,000. A price of $200,000 is seen as a “new midpoint for a sideways trading range” for the end of 2025. Ethereum is expected to either keep pace with Bitcoin or surpass it in the next two years. The bank expects the Ethereum to Bitcoin ratio to change from 5.4% in 2024 to 7% in 2025. Based on this assumption, the bank predicts an Ethereum price of $8,000 by the end of 2024 and $14,000 by 2025.
However, the approval of an Ethereum ETF by May is uncertain as several analysts are less optimistic about the issue due to the apparent lack of communication from regulators. Bloomberg ETF analyst Eric Balchunas has reduced the chances of an Ethereum ETF approval by May to 35%.
Tabel:
| Jahr | Bitcoin Prognose | Ethereum Prognose |
|------|-----------------|------------------|
| 2024 | 150.000 USD | 8.000 USD |
| 2025 | 200.000 USD | 14.000 USD |
Standard Chartered's forecast for Ethereum is based on the assumption of approval of spot ETFs and inflows into Ethereum in the first 12 months after approval. If this assumption does not come true, the forecasts could change. It remains to be seen whether the approval of an Ethereum ETF will actually take place by May.