Ethereum

Bitcoin ETF

Grayscale Bitcoin Trust

Ether (<a href="https://cointelegraph.com/ethereum-price" rel="noopener noreferrer nofollow">ETH</a>)&nbsp;may surprise crypto markets to hit fresh all-time highs before Bitcoin (<a href="https://cointelegraph.com/bitcoin-price" rel="noopener noreferrer nofollow">BTC</a>) reenters price discovery.
In some of his <a href="https://x.com/CryptoMichNL/status/1794307424826138818" target="_blank" rel="noopener noreferrer nofollow">latest market analysis</a>,&nbsp;Michaël van de Poppe, founder and CEO of trading firm MNTrading, forecast a "likely" move by ETH/USD to come.
<h2 id="analyst-sees-altcoin-focus-boosting-eth-price">Analyst sees altcoin focus boosting ETH price</h2>
Ether is the next cryptocurrency in line to beat its current all-time highs, new analysis says.
As <a href="https://cointelegraph.com/news/bitcoin-3-bullish-reasons-68k-dip-analysis" rel="noopener noreferrer nofollow">Cointelegraph reported</a>, crypto traders anticipate strong Bitcoin&nbsp;price action in response to another landmark ETF moment — the <a href="https://cointelegraph.com/news/5-things-ethereum-etfs-could-mean-for-altcoins" rel="noopener noreferrer nofollow">launch of spot ETF products</a> on Ether&nbsp;in the United States.
These, while not yet fully approved to start trading, have received a notional green light from regulators after a surprise U-turn.
At the same time, the move could reduce Bitcoin’s share of the <a href="https://cointelegraph.com/news/bitcoin-dominance-risks-18-month-uptrend-ether-etf-launch" rel="noopener noreferrer nofollow">overall crypto market cap</a> — something which some see giving altcoins more room to gain.
"The Bitcoin dominance has likely peaked this cycle at 58%," Van de Poppe argued at the weekend.
<blockquote>
 "The valuations of altcoins are super low compared to Bitcoin. Likely the next all-time high is going to be reached for Ethereum."
</blockquote>
<figure><img src="https://s3.cointelegraph.com/uploads/2024-05/41216bc0-5638-4fed-a8f3-f4cacdf56fb6.png">
 <figcaption style="text-align: center;">ETH/USD 1-week chart. Source: TradingView
 </figcaption>
</figure>
ETH/USD traded at around $3,850 at the time of writing, per data from <a href="https://subscription.cointelegraph.com/?_gl=1*7499wx*_ga*MTQ0MzQ0NzI4Ny4xNzE2MzY1NTA0*_ga_53R24TEEB1*MTcxNjM2NTUwNC4xLjEuMTcxNjM2Njg2MC4wLjAuMA.." rel="noopener noreferrer nofollow">Cointelegraph Markets Pro</a> and <a href="https://www.tradingview.com/chart/Aiej0hLA/?symbol=BITSTAMP%3AETHUSD" target="_blank" rel="noopener noreferrer nofollow">TradingView</a>&nbsp;— still a considerable way below its record $4,900 set in late 2021.
<h2 id="ibit-becomes-world-s-biggest-bitcoin-etf">IBIT becomes world's biggest Bitcoin ETF</h2>
The Bitcoin ETF battle saw a symbolic milestone on May 28 as BlackRock’s IBIT beat the Grayscale Bitcoin Trust (GBTC) in BTC holdings for the first time.
Related: <a href="https://cointelegraph.com/news/blackrock-income-bond-funds-buy-bitcoin-etf" rel="noopener noreferrer nofollow">BlackRock adds own Bitcoin ETF to income and bond funds</a>
According to inflows tracked by sources including crypto reviews portal <a href="https://heyapollo.com/bitcoin-tracker/overview" target="_blank" rel="noopener noreferrer nofollow">Apollo</a>, at the close of Wall Street trading, IBIT had accrued 288,670 BTC versus GBTC’s 287,450 BTC.
<figure><img src="https://s3.cointelegraph.com/uploads/2024-05/0c58b395-f87d-4a63-a813-ed89e6479cbf.png">
 <figcaption style="text-align: center;">U.S. spot Bitcoin ETF holdings (screenshot). Source: Apollo
 </figcaption>
</figure>
This “flippening” had long been on the cards for market observers. Since its conversion to a spot ETF in January, GBTC has <a href="https://cointelegraph.com/news/grayscale-gbtc-inflows-record-bitcoin-exchange-traded-fund-etf" rel="noopener noreferrer nofollow">steadily shed its assets</a> under management as investors shift their funds.
At the outset, GBTC held nearly 620,000 BTC, with the tally now down 53%.
“Biggest news: Blackrock now holds more BTC than GBTC,” popular commentator WhalePanda wrote in part of a <a href="https://x.com/WhalePanda/status/1795664361463103610" target="_blank" rel="noopener noreferrer nofollow">response on X</a> (formerly Twitter).
WhalePanda also made reference to upheaval at Grayscale itself, with CEO Michael Sonnenshein announcing that he would be <a href="https://cointelegraph.com/news/grayscale-ceo-michael-sonnenshein-steps-down" rel="noopener noreferrer nofollow">stepping down</a> earlier this month.
Bitcoin ETF operators have seen a <a href="https://cointelegraph.com/news/bitcoin-etf-volumes-7-week-high-btc-price-67k" rel="noopener noreferrer nofollow">resurgence in interest</a> in recent weeks, with <a href="https://farside.co.uk/?p=997" target="_blank" rel="noopener noreferrer nofollow">inflows</a> now net positive for ten consecutive days.
<figure><img src="https://s3.cointelegraph.com/uploads/2024-05/6682ea52-387f-4598-9a0d-d0a605d8e122.png">
 <figcaption style="text-align: center;">U.S. spot Bitcoin ETF flows (screenshot). Source: Farside
 </figcaption>
</figure>
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Ethereum due for new all-time high as countdown to Ether ETF nears end

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