Ether to continue underperformance against bitcoin, K33 Research says

Persistently higher premiums on bitcoin futures indicate ether will continue its year-long underperformance relative to the largest cryptocurrency, claims a new report.

“Sticking to bitcoin until there is clear proof of a spark in ether is likely the safest exposure for the time being,” the analysts added.Lunde and Helseth do not expect the Securities and Exchange Commission to appeal the Grayscale court decision by Friday’s deadline, in which case the court will likely instruct the regulator to re-evaluate Grayscale’s application to convert its Grayscale Bitcoin Trust product to a spot bitcoin ETF.

Last week, Bloomberg Senior ETF Analyst Eric Balchunas said the SEC is actively working with issuers on redemption, custody, legal aspects — in a “break from typical pattern of delay, delay, radio silence then denial.” He predicts a 75% chance of approval by the end of this year, 90% by March 2024.Ether, alongside most altcoins, also underperformed in the spot market, amid another week of low trading volume and declining volatility for bitcoin.

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