Analysts See Positive Prospects Of Crypto Market If Ethereum Spot ETF Approved

Ethereum crypto asset illustration (photo: Unsplash)

JAKARTA - The growth of the crypto market has positive tips. Especially in Indonesia, until April 2024, the Commodity Futures Trading Supervisory Agency (CoFTRA) stated that crypto investors had reached 20.16 million.

Regarding market potential, Crypto Analyst Reku, Fahmi Almuttaqin said this growth was strong followed by increased institutional adoption, including the potential to be approved and launch Ethereum's ETF spot in the next month or two.

According to Fahmi, ETF Ethereum is a different spot than Bitcoin, because Ethereum has a different token ecosystem where ETH owners can use these digital assets to stake on the Ethereum blockchain network and get rewards.

"This cannot be done on the Bitcoin blockchain which uses the Proof of Work consensus mechanism," Fahmi said in a statement received quoted on Thursday, June 13.

It doesn't stop there, with the development of restaking technology and also platforms like Eigen Layer where Ethereum's layer of security can be integrated with other software modules, ETH owners can get multiple rewards potential.

"The potential reward can provide its own appeal for ETF investors if it can then be integrated into ETF Ethereum spot products that will be launched," he added.

Fahmi added, with the increasing variety of crypto investment products that can be easily accessed by traditional investors in the United States, crypto adoption has the potential to grow.

"Especially with the increasing number of innovations that have emerged in the crypto ecosystem itself which promises potential for the creation of exciting new opportunities," concluded Fahmi.