QCP Capital: Options Market Bets on Ethereum’s Rise to $4800

Despite uncertainties surrounding the approval timeline for an ETH-ETF, a demand capturing 10-20% of inflows into BTC-ETF could push Ethereum’s price past $4000, with a subsequent rise to $4800. This scenario is reflected in the options market, according to QCP Capital.

QCP: Despite uncertainty around the reception of the ETH ETF, capturing 10-20% of Bitcoin ETF flows could propel ETH above 4,000, nearing its peak of 4,800. The options market has also reflected this optimism, with the desk observing heavy buying activity of top-side calls across…

— Wu Blockchain (@WuBlockchain) June 19, 2024

Experts noted active purchases of calls with strike prices in the specified range and an increase in implied volatility.

According to analysts, bullish sentiment is supported by two events:

1. The SEC concluded its investigation into Ethereum 2.0, ruling out the recognition of ETH sales as securities transactions.
2. Reportedly, potential issuers of spot exchange-traded funds received comments from the agency and intend to respond this week.

On June 15, Bloomberg analyst Eric Balchunas predicted the launch date of the instrument would be postponed to July 2.

Two days earlier, SEC Chairman Gary Gensler noted that he expects the bureaucratic procedures for the start of ETH-ETF trading to be completed by the end of the summer.

According to CryptoQuant CEO Ki Young Ju, an early altcoin season is approaching.

We’re entering early alt season.$ETH MVRV is rising faster than BTC MVRV, suggesting ETH market is heating up relative to its on-chain fundamentals.

Given the current ETF situation, this might be an ETH-only season. Historically, when ETH surges, other alts tend to follow. pic.twitter.com/YHq5YzkBlD

— Ki Young Ju (@ki_young_ju) June 19, 2024

“ETH MVRV is rising faster than BTC MVRV, indicating that the Ethereum market is heating up relative to its on-chain fundamentals. Given the current situation, this might be a season solely for the second-largest cryptocurrency by market cap. Historically, other altcoins tend to follow Ethereum,” the expert commented.

K33 Research estimated a net inflow into products of $3.1–4.8 billion in the first five months after trading began.

Earlier, VanEck raised its Ethereum forecast for 2030 to $22,000.