The CIO of Bitwise Asset Management, Matt Hougan, anticipates a significant bullish cycle ahead for Ethereum (ETH), driven by multiple factors.

In a recent interview with Scott Melker, Hougan stated that the approval of spot Ethereum exchange-traded funds (ETFs) could attract up to $15 billion within 18 months. He expressed confidence in this forecast, noting, “I see it as a solid prediction. While there’s room for variation, I believe $15 billion is well within reach.”

Hougan highlighted two additional bullish catalysts for ETH’s potential surge: increasing acceptance of cryptocurrencies by the US government and Ethereum’s recent network upgrade, Dencun. This upgrade aims to lower costs for layer-2 transactions and enhance data availability.

He remarked, “These projections overlook the typical ETH cycle we’re entering. Moreover, they underestimate two significant tailwinds for ETH: recent regulatory clarifications and the transformative impact of the Dencun upgrade, which remains underappreciated by the market.”

As of the latest update, Ethereum is priced at $2,974, reflecting a 3.6% decline over the past 24 hours.

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