CoinDesk reports:
Grayscale’s latest report indicates that U.S. voters are more likely to purchase ETH following the approval of ETFs. Despite ETH’s value skyrocketing on charts, its network growth has declined.
Recent market downturns have impacted many cryptocurrencies in recent days. Notably, Ethereum (ETH), as of the time of writing, struggles to break the $3,000 mark.
Will Ethereum turn green in the end?
However, despite the continual decline in altcoin prices, Ethereum maximalists may still hold some hope. A new survey from Grayscale paints an optimistic future for Ethereum.
Similarly, as anticipation builds for the long-awaited spot Ethereum ETF, nearly a quarter of potential U.S. voters are more inclined to invest in altcoins. This surge in interest also aligns with broader trends in cryptocurrency adoption.
The survey also found that nearly half of the voters (specifically 47%) now wish to include cryptocurrencies in their portfolios, a significant increase from 40% six months ago. Over the long term, this heightened interest in adding cryptocurrencies to portfolios could further benefit ETH.
Similar to the launch of Bitcoin ETFs, an Ethereum ETF would provide a familiar, regulated way for new investors to enter the market. Increased demand, particularly institutional capital inflows, could potentially drive up Ethereum prices, as seen with Bitcoin upon ETF approvals.
A U.S.-approved Ethereum ETF would be a significant vote of confidence from regulatory bodies, potentially easing institutional concerns over cryptocurrency legitimacy.
How is ETH performing?
As of the time of writing, ETH has risen by 4.19% in the past 24 hours, trading at $2,987.46. During this period, ETH’s network growth has significantly declined, indicating that despite the lower price, most new investors are reluctant to purchase ETH.
Additionally, transaction speeds around the token have also decreased, suggesting a lower frequency of ETH transactions.
Read Ethereum’s [ETH] price forecast for 2024-2025.
Therefore, the anticipated launch of a spot Ethereum ETF could signify what lies ahead for altcoin prices.
On the other side of the world, Hong Kong seems poised to welcome an Ethereum investment ETF in as little as six months, according to Vivien Wong of Hashkey Capital. Wong further stated that local regulatory authorities are currently engaging with industry stakeholders on the proposed initiative.
