With the investment product nearing an official launch, Kraken executive Thomas Perfumo recently said that the Ethereum ETF debut will be a rising tide that “lifts all boats.” Speaking with Bloomberg, the crypto exchange Head of Strategy discussed the effect that the ETFH product will have on the market as a whole.
During the interview, Perfumo assured that the Ethereum product was a “big deal.” Moreover, he pointed to four catalysts for crypto growth in the second half of the year, including the ETH ETF, interest rates, the US presidential election, and Bitcoin’s adoption.
Also Read: BlackRock Bitcoin ETF Holdings Surpass OKX & Kraken Combined
Kraken Executive Calls Impending ETH ETF Debut a ‘Big Deal’
At the start of the year, the SEC shocked the finance market by approving a Spot Bitcoin ETF. That was massively important for crypto. It introduced the asset to a new batch of institutional investors, while catapulting its price. Just three months after launching, BTC reached an all-time high of $73,000. It also was huge for the crypto market as a whole.
Now, Kraken executive Thomas Perfumo is saying the Ethereum ETF will do much of the same. Speaking to Bloomberg, he discussed why the second crypto-based ETF in the country is set to be a massive deal for the market, and the economy.
Perfumo said the Ethereum ETF “brings a lot of attention on crypto, brings a lot of capital flows.” Moreover, he noted it is ” a rising tides lifts all boats story,” in regard to its impact on the asset class.
Also Read: Ethereum ETF Inflows Could Hit $10B, Sending Ether to New ATH
When speaking on the industry’s important year ahead, Perfumo discussed “global engagement with exchange-traded products,” in countries like Hong Kong and the UK. Both nations had launched their own BTC ETF. That proved to be critical for exposure and adoption of both Bitcoin and the market at large.
Another important point of discussion dealt with America’s political stance. Specifically, the 2024 US election. Perfumo noted the outcome will “set the tone for policy making and the legislative agenda for the next four years.”