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Joe Lubin Sees Bright Future for ETH under New SEC Chair 

Joe Lubin Sees Bright Future for ETH under New SEC Chair 

CryptotaleCryptotale2024/11/13 04:26
By:Gabriele
Joe Lubin Sees Bright Future for ETH under New SEC Chair  image 0
  • Ethereum sees $500M inflows since U.S. election, signaling potential price surge.
  • Joe Lubin predicts Ethereum’s ETH to benefit from expected SEC leadership changes.
  • Institutional inflows and low reserves point to Ethereum’s scarcity and growth.

Ethereum has garnered widespread attention in the crypto market driven by Consensys CEO Joe Lubin’s optimistic statements. Despite recent retracement for the cryptocurrency, the community remains bullish about Ether’s future prospects. This positive outlook coexists alongside ETH’s higher activity and the broader market moves.

Data provided by Michaël van de Poppe, CIO of MN Consultancy, indicates that Ethereum ETFs have seen an inflow of over $500 million since the recent U.S. election. This trend has intensified since Donald Trump’s victory, with predictions of an impending supply shock for Ethereum. 

Experts say the record low exchange reserves and this inflow increases the likelihood for a price surge. In addition, Ethereum’s locked supply inflated the scarcity effect as more than 42% of supply was staked in contracts.

Shift in Ethereum’s Favor

Ethereum stands to gain from regulatory changes that are in the pipeline in the next few months. The current regulatory environment has been somewhat challenging for Ethereum, Joe Lubin said. Much of this, he says, is due to previous SEC policies. He thinks they were influenced by progressive factions within the Democratic Party.

Lubin pointed out that the rebound seen in Ethereum is a sign of positive sentiment shifting. Also a change in leadership could remove the burden of regulation pressures as Gary Gensler is widely expected to step down as SEC Chair on January 20. As Lubin speculates, Mark Uyeda, a SEC commissioner, may step in to act as acting chair. He could play a pivotal role in fostering a more favorable regulatory environment for the cryptocurrency industry.

Institutional Confidence 

Increased institutional interest has also played a critical role in Ethereum’s resurgence. According to The Wolf Of All Streets, recent inflows into Ethereum ETFs total over $100 million. This inflow aligns with rising demand and Ethereum’s ongoing scarcity mode, which is expected to drive prices higher in the coming months.

Market observers draw parallels between the current setup and Ethereum’s bullish performance in 2023. During that period, Ethereum saw a significant breakout after a prolonged accumulation phase. This pattern, coupled with ongoing inflows and supply constraints, could propel Ethereum toward the $6,000 mark by Q1 2025. Analysts stress that these factors create a robust foundation for continued growth.

The post Joe Lubin Sees Bright Future for ETH under New SEC Chair  appeared first on CryptoTale.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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