Ad

Should you invest in Pullix as Pro says Ethereum ETF ‘a matter of when’

By:  & 
on Feb 26, 2024
Listen
  • Grayscale CEO says Spot Ethereum ETF is a matter of when.
  • Here's what it may mean for Pullix and its native crypto token.
  • PLX has raised well over $7.6 million in its ongoing pre-sale.

Follow Invezz on Telegram, Twitter, and Google News for instant updates >

Michael Sonnenshein – the chief executive of Grayscale Investments is convinced that a Spot Ethereum ETF will soon debut in the United States.

Are you looking for signals & alerts from pro-traders? Sign-up to Invezz Signals™ for FREE. Takes 2 mins.

Sonnenshein discussed Ethereum ETF on CNBC

Copy link to section

The Securities & Exchange Commission has already approved a Bitcoin ETF and now Grayscale has filed for an Ethereum exchange-traded fund as well. On CNBC’s “Squawk Box”, Sonnenshein said last week.

Spot Ethereum ETF is a matter of when, not a matter of if. Spot Bitcoin and Bitcoin Futures have an inextricable tie – markets have a 99.9% correlation. Same is true around Ethereum. We have a similar dynamic here.

Note that Coinbase also recently called on the SEC to approve Grayscale’s application for an Ethereum ETF.

Together, the Bitcoin and Ethereum exchange traded funds will likely drive institutional money to cryptocurrencies and help deliver another strong year for the crypto market. What such developments broadly suggest is that cryptocurrencies will continue to compete with conventional assets as an investment of choice moving forward.

And that may help the newly launched project Pullix gain traction as well.

Two major near-term catalysts that could help PLX

Copy link to section

It is worth mentioning here that the exchange-traded funds are not the only catalyst that are widely expected to help cryptocurrencies perform well in 2024.

Members of the Federal Open Market Committee were recently reported not in a rush to lower interest rates until they have more confidence that inflation is sustainably moving towards their 2.0% target.

So, chances are that the Fed would skip a rate cut in their upcoming meeting in March. But markets still expect the central bank to start lowering rates in June because inflation has already come down to about 3.0% versus its over 9.0% peak in 2022.

That would be significant for the native Pullix coin since risk-on assets like cryptocurrencies become more attractive once the Federal Reserve starts to lower rates.  

On top of that, the total supply of Bitcoin is slated to halve in the coming months (halving event) which has historically delivered a significant boost to its price. And when BTC rallies, it, more often than not, helps the rest of the crypto market which includes Pullix to bathe in its victory as well.

What you need to know about Pullix

Copy link to section

Pullix markets itself as a hybrid exchange that wants to help its users benefit from the positives of a DeFi exchange but without having to go through its negatives like the liquidity problem.   

The recently launched platform has a native PLX coin that turns it into an investment as well. The Pullix token has so far raised over $7.6 million in the pre-sale that is scheduled to end in about five days.  

You can take an early position in “PLX” today for $0.14 per coin only. Building a position in Pullix in the pre-sale will enable you to benefit from its next leg up that may materialise once it goes live on a crypto exchange in the coming months.

What makes Pullix all the more exciting for investment is the fact that its owners are eligible to make money in two other ways as well. First, they can participate in the project’s revenue sharing programme – and second, they can capitalise on its trade-to-earn offering.

Note that revenue in the crypto market is expected to grow at a compound annualised rate of 8.62% and hit $71.7 billion by 2028, as per Statista. And it’s conceivable that the PLX token will contribute to that growth. Interested in finding out more about Pullix and its native crypto coin? Click here to visit the project website.

Ad

Want easy-to-follow crypto, forex & stock trading signals? Make trading simple by copying our team of pro-traders. Consistent results. Sign-up today at Invezz Signals.

Learn more
USA Crypto Crypto regulation DeFi North America World