Bernstein: $100 billion will flow into crypto ETFs! ETH paves the way for other tokens, SOL may benefit
According to CoinDesk, research firm Bernstein believes that more than $100 billion will flow into crypto-related ETFs in the next two years. The U.S. approval of the Ethereum spot ETF paves the way for other blockchain tokens, and Solana (SOL) may benefit.
Bernstein reiterates Bitcoin target price of $150,000
Bernstein has always been optimistic about Bitcoin, and previous reports pointed out that the addition of spot Bitcoin ETFs and large broker-dealers will continue to provide structural demand for Bitcoin. Bernstein has always believed that Bitcoin will hit a cycle high of $150,000 in 2025, and the target price is $90,000 at the end of 2024.
According to Bernstein's cryptocurrency price prediction, the Bitcoin (BTC) and Ethereum (ETH) exchange-traded fund market is expected to grow to $450 billion. This means that more than $100 billion will flow into crypto ETFs in the next two years.
ETH paves the way for other blockchain tokens
Bernstein also mentioned that the U.S. Securities and Exchange Commission (SEC) approved eight Ethereum spot ETFs last week. Once the S1 application is approved, Ethereum ETF trading will be launched on the exchange. Bernstein pointed out that Ethereum is the first token approved as a spot ETF based on proof of stake (PoS), and its approval paves the way for blockchain assets to evolve from token sales.
Bernstein believes that now that Ethereum has been classified as a commodity rather than a security, the biggest controversy surrounding cryptocurrencies has been resolved. This has a positive impact on other blockchain tokens, as they may follow the same precedent, and Solana (SOL) may benefit.
After the Ethereum spot ETF was approved, many institutions are optimistic that Solona may be the next beneficiary, and Daniel Yan, founder of Kryptanium Capital, recommended that everyone "buy SOL/ETH".
However, there are also banks like JPMorgan Chase that are skeptical about the SEC's approval of Solana and other cryptocurrency exchange-traded funds (ETFs).
