Bitcoin (BTC), Etheruem (eth) and altcoins have been experiencing a correction in recent days.
At this point, Bitcoin fell to $112,000 after reaching a new ATH of $124,000 last week, while Etheruem, which was said to reach a new ATH, fell from $4,800 to $4,000.
While expectations for a new ATH for Ethereum are still ongoing, the ETH report came from US banking giant JPMorgan.
According to Coindesk, JPMorgan analysts said that the increase in both ETFs and corporate treasuries could further push the price of Ethereum.
To this point, JPMorgan analysts said Ethereum was outperforming Bitcoin, supported by strong inflows into spot Ethereum ETFs and rising corporate treasury allocations.
Analysts noted that spot Etheruem ETFs attracted $5.4 billion in capital in July, matching Bitcoin ETFs. However, Bitcoin funds have seen modest outflows since then, while ETH ETFs continue to attract capital, they noted.
JPMorgan stated that demand for Ethereum from companies and ETFs will continue to grow in the coming period. The SEC’s recent declaration that “liquid staking” for cryptocurrencies does not violate securities laws is a key factor in this.
“The SEC has signaled that liquid staking tokens may not be classified as securities, easing concerns from institutional investors.”
The bank added that the SEC’s approval of in-kind redemptions for ETH ETFs is expected to reduce costs, increase liquidity, and further strengthen Ethereum’s position against Bitcoin.
*This is not investment advice.
