• Kraken’s Thomas Perfumo has recognized an Ethereum ETF as the most important bullish catalyst for the second half of 2024.
• He predicts that the Ethereum spot ETF will see $1 billion in inflows monthly.
• In accordance with Perfumo, the upcoming US elections might even have a serious impression on the cryptocurrency market.

In accordance with Thomas Perfumo, head of technique at Kraken, an Ethereum spot ETF might set off a brand new wave of capital into the cryptocurrency market, amounting to $1 billion in inflows monthly.

In an interview with Bloomberg, Perfumo outlined a number of bullish elements for the cryptocurrency market within the second half of 2024, with an important of those being an Ethereum spot ETF.

Perfumo stated there are nonetheless 4 large catalysts for the crypto market within the second half of the 12 months, probably the most highly effective of which is an Ethereum bodily ETF. He believes that if the product is accepted for buying and selling, it’ll appeal to consideration from throughout the monetary world and result in vital inflows into the market.

Kraken executives described the event as a “rising tide floats all boats” story, suggesting it will have a optimistic impression on the cryptocurrency market as a complete. One other bullish catalyst recognized by Perfumo is the rising pattern of Bitcoin adoption by institutional and conventional buyers, particularly by way of exchange-traded funds that put money into Bitcoin.

As for whether or not crypto funding merchandise will see vital inflows for the remainder of the 12 months, Perfumo careworn that lots will rely on the launch of an Ethereum Spot ETF, which he estimated the market is pricing in and that month-to-month inflows into Ethereum ETF merchandise might attain $750 million to $1 billion.

In the meantime, in the course of the interview, Perfumo famous that the cryptocurrency market might additionally profit from the upcoming U.S. elections, which is able to form policymaking and the legislative agenda for the following 4 years, noting that latest developments counsel bipartisan assist in Congress.

Notably, the Home of Representatives not too long ago handed the Monetary Innovation and Expertise Act of the twenty first Century (FIT21), a invoice to make clear digital asset regulation. The Senate additionally tried to repeal the SEC's controversial crypto banking laws, however President Joe Biden finally vetoed the decision.
Regardless of the setbacks on the C-suite degree, Perfumo stays optimistic, stating: “… Though there are obstacles on the administration degree, it’s nonetheless good progress.“