Ether will likely continue to outperform bitcoin in the medium term as the market anticipates the possible approval of spot ETH ETFs, QCP Capital said in its latest Market Update report.

In the week since the Securities and Exchange Commission approved multiple spot bitcoin ETFs in the U.S., ether has rallied over 5%, according to The Block's Prices Page. The price of bitcoin, in contrast, has declined by over 6% over the same period.

"We expect ether to continue outperforming bitcoin over the medium term as the narrative rotates to potential ETH spot ETF approvals," QCP Capital analysts said.

Wednesday's Market Update from QCP Capital also highlighted that that the ETH/BTC exchange rate has risen from 0.05 to 0.06 in the past week. "The next major crypto events are the bitcoin …