In a recent episode of the WuBlockchain Podcast, Jiang Jinze, Chairman of MuseLabs and former Chief Researcher at Binance Research China, offered insights into the crypto market’s current state and potential trajectory in the coming months.
Despite recent turbulence, Jinze’s outlook remains cautiously optimistic, particularly for the fourth quarter of 2024.
Other Crypto Follow BTC’s Footsteps
Jinze drew parallels between Ethereum’s current market behavior and Bitcoin’s performance around its ETF launch. He noted that Ethereum’s recent weakness might be a temporary setback, similar to Bitcoin’s initial dip following its ETF debut.
The analyst suggests that as the market digests selling pressure and ETF inflows stabilize, Ethereum could see a rebound reminiscent of Bitcoin’s post-ETF recovery.
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This perspective offers hope for Ethereum investors who have weathered recent volatility. Jinze emphasized that the growth of Ethereum ETFs, while perhaps slower than some anticipated, is still significant.
With over 600 institutions now holding IBIT (a Bitcoin ETF), interest in crypto-based exchange-traded funds remains robust.
Looking at the broader economic landscape, Jinze dismisses concerns about an imminent U.S. recession. He argues that current economic data doesn’t support such fears, suggesting that the anticipated Federal Reserve rate cut in September could catalyze a rally in risky assets, including cryptocurrencies.
The analyst’s insights provide a counterpoint to prevailing market pessimism, highlighting potential opportunities in the crypto space as traditional economic factors shift.
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