Bitcoin (BTC) and Ether (ETH) Price Predictions From Matt Hougan, CIO of Bitwise

Bitcoin (BTC) has continued its positive price movement this week, briefly rising above $65,000 on Wednesday. The cryptocurrency asset is now up roughly

Bitcoin (BTC) price briefly crossed the $65,000 level on Wednesday, continuing a rally that began last week. BTC rose as high as $64,895 on Bitstamp before pulling back slightly. The cryptocurrency asset is now up roughly 12% since Friday.

The price rise comes amid improving odds for crypto-friendly candidate Donald Trump to be re-elected president and the upcoming approval of spot ether (ETH) exchange-traded funds (ETFs) by the U.S. Securities and Exchange Commission (SEC).

A new investment note from digital asset manager Bitwise’s chief investment officer, Matt Hougan, said the listing of spot ether ETFs will send the underlying cryptocurrency to all-time highs above $5,000.

According to Hougan, this price push higher will be due partially to the roughly 28% of total ether supply that is unavailable to these future ETFs due to being staked on the Ethereum network. This means the assets are committed to a contract for a set period of time and can't be withdrawn and sold. The ether held by the upcoming ETFs won't be staked, at least for now.

Hougan adds that the ether price could be choppy at first; however, he sees all-time highs coming for ETH by year-end. Hougan has previously stated his belief that spot ether ETFs will experience $15 billion in inflows over the next year and a half.

On the bitcoin side, inflows into U.S. spot bitcoin ETFs showed no signs of slowing on Tuesday, with the inflows being greater than any single day over the past two months.

According to data from Farside Investors, $422.5 million flowed into these new financial products on Tuesday, which marks the largest single-day total since June 5. When combined with Monday's numbers, $723.4 million has already flowed into spot bitcoin ETFs this week.

Digital asset manager Grayscale, which operates the second-largest spot bitcoin ETF (GBTC), on Wednesday announced the launch of its newest private placement investment product: the Grayscale Decentralized AI Fund. This fund holds crypto tokens operating in the realm of decentralized artificial intelligence (AI).

The fund will be updated and rebalanced on a quarterly basis, and it currently includes Bittensor (TAO), Filecoin (FIL), Livepeer (LPT), Near (NEAR), and Render (RNDR) AI crypto protocols.

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