K33 Research has noted that the preference among traders for Bitcoin continues, driven by higher futures premiums and optimism about spot ETF approvals. The launch of Ethereum futures ETFs failed to generate significant excitement, causing the ETH/BTC ratio to drop to 0.057, its lowest point in at least 14 months. Meanwhile, Bitcoin's dominance in the market is nearing a two-year high.

Analysts believe it's unlikely that the SEC will appeal the Grayscale ruling by the October 13 deadline. Instead, the court is expected to order the regulator to reconsider Grayscale's application to convert GBTC into a spot Bitcoin ETF.

The evolving situation around Grayscale is anticipated to trigger a strong market reaction in the short term, followed by a focus on the upcoming deadlines for spot Bitcoin ETF applications from major financial institutions like BlackRock, Fidelity, VanEck, and Invesco.

While there's growing optimism in the derivatives market, marked by increased front-month CME premiums and funding rates, analysts describe overall market sentiment as cautious.

K33 Research had previously recommended that investors shift their capital from Ethereum to Bitcoin. It's worth noting that Standard Chartered analyst Jeffrey Kendrick has predicted Ethereum reaching $8,000 by the end of 2026. In addition, ex-BlackRock director Stephen Schonfield expressed the opinion that the SEC would approve a spot Bitcoin ETF within three to six months.