Crypto would become the primary “Trump trade” if election sentiment shifts more Republican, according to Bernstein analysts.
Despite near-term bearish sentiment, the structural adoption cycle remains intact and crypto would become the primary “Trump trade” if election sentiment shifts more Republican, according to analysts at research and brokerage firm Bernstein.
Some of the Bitcoin ETF inflows were driven by the basis trade between CME futures and the spot Bitcoin ETFs, suggesting that real demand-led inflow could be much smaller. However, “adoption is adoption,” the analysts argued, and has contributed to rising liquidity for the ETFs regardless of the rationale.
Ethereum also lacks a clear narrative, unlike Bitcoin’s “digital gold,” according to the analysts, with “decentralized computing or web3 app store” descriptions being “stale.”
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