Analyst Predicts Ethereum Could Reach $10,000 by Year-End Despite Grayscale Trust Outflows

The first U.S. spot Ethereum ETFs experienced relatively high trading volumes during their initial trading hours, with over $500 million changing hands in the first few hours after market opening. By 12:30 PM New York time, BlackRock’s iShares Ethereum ETF had reached a trading volume of $119 million, ranking approximately 38th in first-day trading values. Additionally, the Bitwise Spot Ethereum ETF recorded over $64 million in trading volume, while the Grayscale Ethereum Trust saw trading volumes of about $220 million at the same time.

According to Hashkey Capital Liquid Fund Partner Jupiter Zheng, the recent outflows from the Ethereum Grayscale Trust could exert downward pressure on Ether’s price following the launch of Ethereum futures ETFs today. This development comes as investors reallocate their assets in response to the new investment opportunities presented by the ETF market.

Analysts have observed significant outflows from the Grayscale Ethereum Trust over the past few weeks. This trend is expected to continue as investors may prefer the liquidity and flexibility offered by the newly launched Ethereum futures ETFs. The shift in investor sentiment could lead to increased selling pressure on Ether, potentially impacting its market price.

According to Zheng, Ethereum could reach a price range of $6,000 to $10,000 by the end of this year, representing approximately 1.6x to 2.5x of its 52-week high. Zheng attributes this optimistic forecast to the growing institutional interest in Ethereum-based financial products and the broader adoption of blockchain technology.

Related Articles