Kraken Head of Strategy Discusses Spot Ethereum ETFs and Political Developments in the US

Kraken Head of Strategy Thomas Perfumo believes that the introduction of spot Ethereum (ETH) ETFs could have a significant impact on the crypto sector. In a recent interview with Bloomberg on July 12, Perfumo expressed his optimism about the potential of spot Ethereum ETFs to attract capital flows and bring more attention to the world of cryptocurrency.

Perfumo stated, “It’s a rising tide, lifts all boat story,” highlighting the positive ripple effects that spot Ethereum ETFs could have on the market. He also emphasized that Ethereum’s value is closely tied to the success of these ETFs, suggesting that they could help drive the price of Ethereum to new all-time highs.

According to Perfumo, the crypto market is currently anticipating $750 million to $1 billion of net inflows to Ethereum products on a monthly basis. This influx of capital could potentially push the price of Ethereum to between $4,000 and $5,000, surpassing its previous peak.

In addition to discussing the potential impact of spot Ethereum ETFs, Perfumo also touched on the political landscape in the US. He highlighted the importance of legislative action and clarity in shaping the future of the crypto industry, noting recent bipartisan support in Congress.

Perfumo pointed out that while there have been some obstacles at the executive level, there is still progress being made in terms of crypto-friendly policies. He noted that the Republican party appears to be more supportive of crypto, citing former President Donald Trump’s attendance at the Bitcoin Conference in Nashville and his public statements in favor of pro-crypto policies.

Overall, Perfumo’s comments shed light on the potential benefits of spot Ethereum ETFs for the crypto sector and the ongoing political developments that could shape the future of the industry.