K33 Research, a renowned name in the crypto analysis realm, has issued a compelling report that’s caught the attention of many investors. The report says, “Time to ‘pull the brakes’ on Ethereum and rotate back to Bitcoin,” leaves no room for obscurity.
K33 Analyst Vetle Lunde Flips from Ethereum to Bitcoin
Earlier in September, K33 Research senior analyst Anders Helseth and Vetle Lunde & Vetle Lunde stated in their report that Ether (ETH) is poised to outperform bitcoin (BTC) in September and October as it benefits from stronger momentum related to a likely exchange-traded fund (ETF) listing.
But now things seem to be changing for Ethereum.
As K33 Research analysts Anders Helseth and Vetle Lunde, have suggested a change in investment strategy due to the relatively disappointing performance of new Ethereum futures exchange-traded funds (ETFs).
In their market report dated October 3, the analysts emphasized that it’s time to “pull the brakes on ETH (Ethereum) and rotate back into BTC (Bitcoin).”
The initial trading volume of Ether futures ETFs accounted for only 0.2% of what the ProShares Bitcoin Strategy ETF (BITO) accumulated on its first day of trading in October 2021.
While the analysts acknowledged that no one expected Ether futures ETFs to match the initial trading volume of Bitcoin futures ETFs, the lackluster numbers on the first trading day fell significantly short of expectations.
Bitcoin Over Ethereum
This unimpressive start for Ether ETFs led Lunde to reverse his earlier recommendation of increasing the allocation of Ethereum to take advantage of the ETF hype.
This got one of the K33 analysts, Vetle Lunde, changing his tune. He used to say, “Buy more Ethereum; it’s gonna take off!” But now, he’s saying, “Hold on, maybe Bitcoin is where it’s at.”
There are a couple of reasons for this change of heart. Bitcoin might get its own ETF approval in October, which could be a big deal. And two, there’s this upcoming event called the “Bitcoin halving” in April 2024.
Meanwhile, K33 Research thinks Bitcoin is the way to go right now. They’re not so hot on Ethereum anymore, especially after the slow start of the Ethereum ETFs. But remember, the crypto world is like a rollercoaster, always going up and down.
This news is republished from another source.
