Ether strength is one of the three current key themes in the crypto industry alongside DeFi growth and selling pressure on Bitcoin miners, Coinbase analysts say.
Focusing on spot Bitcoin (BTC) exchange-traded funds (ETFs) in the short term may be “something of a distraction” from the more important crypto trends emerging in the post-ETF environment, say Coinbase analysts David Duong and David Han.
In the Coinbase “Monthly Outlook: Post-ETF Trading Themes” report published on Feb. 8, the analysts point out “short-term overestimation” of the performance impact behind the $1.46 billion inflow into spot Bitcoin ETFs in January.
Despite spot Bitcoin ETF launch becoming a “watershed moment for the crypto economy,” U.S. spot Bitcoin ETFs now account for “only 10-15%” of the total Bitcoin spot trading volume across centralized global exchanges (CEX), the study authors stated. The spot Bitcoin ETFs hold around 650,000 BTC, or 3% of outstanding Bitcoin supply, the report added.
