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The New York-based hedge fund firm, ‘Tetras Capital’ seems to have perfectly timed on a bearish call on ether and opined constructively on bitcoin that has more upside potential.
Please be noted that from BTCUSD price stability since last 4-5 months and 3-4 weeks of vigorous bullish swings (price spiked from the lows of $5,780 to today’s $7,561 levels, i.e. almost 30%), it seems that Bitcoin’s price has resumed its late 2017 rallies; it now surpasses the $7.5k mark. Whereas the ether price is still tepid that is in the bearish mood on the regulatory framework, the SEC deciding Ethereum is not a security.
The hedge fund firm focusing on the blockchain, cryptocurrency and digital assets stated the prime driving force for the rapid spike in the Ether price over the last year is especially due to speculation. The prevailing price movements that are lacklustre is now clearly suggesting that the reduction in the interest and speculation is now subsiding, leading to a slow decline in price. The hike was a product of “irrational exuberance”, with “inevitable” suffering to follow once the market matures, says Tetras.
Tetras stated that ethereum has been speculative ever since the beginning capitalizing on huge volatility factor, the numerous use-cases have been hyped and flaunted as the primary weapon against speculation. The Ethereum network hosts 35 ERC20 tokens which are worth more than $100 million each, and over 1500 decentralized apps.
Even as Ethereum is backed up by significant use in the terms of its 750,000 transactions every day, the relevant demand is unjustifiable for the prevailing price level of the asset. Tetras added. While one of the co-founders of Ethereum has seemingly made comments that Ether's price volatility would not be an issue but the developers are more focused on improving its technology.
Hence, Tetras Capital seems to be eager for a greater ROI from shorting ethereum, and be it factually or representatively by investing in the bulk of its assets into BTC.
Currency Strength Index: FxWirePro's hourly BTC spot index is flashing at 129 levels (which is bullish), while hourly USD spot index was at 21 (mildly bullish) while articulating at (13:08 GMT). For more details on the index, please refer below weblink:
