Kraken Head of Strategy Thomas Perfumo said spot Ethereum (ETH) ETFs could help the crypto sector, while commenting on political developments in the US.
On July 12, Perfumo told Bloomberg that spot Ethereum ETFs would attract capital flows while drawing attention to crypto, noting:
‘It’s a rising tide, which is ending the whole boat story. “
Perfumo further explained that the ultimate value of Ethereum “depends on the Ethereum ETF.”
He said the crypto market is “pricing in” $750 million to $1 billion in net inflows into Ethereum products every month, which would imply Ethereum could reach an all-time high between $4,000 and $5,000.
Perfumo also compared expectations to Bitcoin’s all-time high in March, which he called a “silent peak” that occurred without any evidence of millions of new investors entering the sector.
Political developments
Parfumo also commented on political developments. Early in the interview, he said that the US election results “will be the determining factor tone for policymaking and the legislative agenda for the next four years.”
He also emphasized the importance of legislative action and clarity, noting that recent developments demonstrate bipartisan support in Congress.
The House of Representatives recently passed the Financial Innovation and Technology for the 21st Century Act (FIT21) and joined the Senate in an effort to repeal the SEC’s controversial accounting rules. However, President Joe Biden chose to veto the resolution.
Perfume said:
“Even if you have encountered obstacles at management level, [there’s] still good progress going forward.”
He added that the Republican Party seems “more pro-crypto.” [and] more progressive” on the issue, noting Donald Trump’s plans to attend the Bitcoin conference in Nashville.
Trump has also made numerous statements in favor of pro-crypto policies, including at recent campaign events in Wisconsin and San Francisco.