DeFi

<p><strong>The impact of spot Ethereum ETFs on Ethers price once trading starts might challenge the old saying “first the worst, second the best, suggests crypto analyst and educator Patrick Scott, also known as Dynamo DeFi.</strong></p>
<p>The popular crypto personality predicts that Ether wont follow in Bitcoins footsteps, after BTC almost doubled its price soon after the <a href="https://cointelegraph.com/magazine/bitcoin-etf-guru-eric-balchunas-last-laugh-doubters-x-hall-of-flame/" target="_blank" rel="nofollow">spot Bitcoin ETF launched</a> in January.</p>
<p>I’m not expecting the same sort of multiples immediately in a two-month period that we had with Bitcoin, Scott tells Hall of Flame from his car in a parking lot, shortly before saying, Hold on because a police car has pulled up behind him.</p>
<p>Turns out they’re not after him, thank God.</p>
<h2 class="wp-block-heading" id="h-spot-ether-etfs-lack-the-first-time-excitement-advantage">Spot Ether ETFs lack the first-time excitement advantage</h2>
<p>Scott continues by noting spot Bitcoin ETFs had the advantage of being the first crypto ETFs available to investors.</p>
<p>Bitcoin was the first crypto, but also the first ETF. So people who had no crypto exposure suddenly could get crypto exposure by buying Bitcoin, Scott says. Hes skeptical over whether those same investors are also going to be keen on Ethereum exposure.</p>
<p>It’s what subset of those people are going to say, now Im gonna get extra crypto exposure by buying this other one,’ he says.</p>
<h2 class="wp-block-heading" id="h-who-is-patrick-scott-dynamo-defi">Who is Patrick Scott, Dynamo DeFi?</h2>
<p>Scott has 77,000 followers on X not on the same level as major influencers like Saylor and Buterin, but still enough to fill three Madison Square Gardens.</p>
<p>Hes best known for providing daily analysis on crypto projects, explaining market trends in an easy-to-understand tone, and even pointing out simple observations on the overall market sentiment.</p>
<figure class="wp-block-image aligncenter size-full is-resized">
 <img decoding="async" width="901" height="905" src="https://s3.magazine.cointelegraph.com/magazine/wp-content/uploads/2024/06/patrick-scott-tweet-3.jpg" alt="Patrick Scott Google Tweet" class="wp-image-33794" style="width: 100%;height:auto" srcset="https://s3.magazine.cointelegraph.com/magazine/wp-content/uploads/2024/06/patrick-scott-tweet-3.jpg 901w, https://s3.magazine.cointelegraph.com/magazine/wp-content/uploads/2024/06/patrick-scott-tweet-3-300x300.jpg 300w, https://s3.magazine.cointelegraph.com/magazine/wp-content/uploads/2024/06/patrick-scott-tweet-3-100x100.jpg 100w, https://s3.magazine.cointelegraph.com/magazine/wp-content/uploads/2024/06/patrick-scott-tweet-3-770x773.jpg 770w" sizes="(max-width: 901px) 100vw, 901px">
 <figcaption class="wp-element-caption">
  <em>(X/<a href="https://x.com/Dynamo_Patrick/status/1697928017039765581" target="_blank" rel="nofollow">Patrick Scott</a>)</em>
 </figcaption>
</figure>
<h2 class="wp-block-heading" id="h-big-pullback-in-ether-before-launch-could-be-a-golden-opportunity">Big pullback in Ether before launch could be a golden opportunity</h2>
<p>He thinks the only way Ether might reach similar relative price highs as quickly as Bitcoin did after trading starts is if theres a big dip before the launch.</p>
<p>Unless we get a major retracement. I dont think its going to be as extreme because were at a different place in the cycle when Bitcoin ETFs were approved, he says.</p>
<p>When Bitcoin ETFs launched in January, it took just two months to reach its <a href="https://cointelegraph.com/news/bitcoin-price-long-term-holders-profit-hodl-glassnode-all-time-highs" target="_blank" rel="nofollow">all-time high of $73,679</a> on March 13.</p>
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<p>Scott also believes that major players arent as interested in Ether as they are in Bitcoin.</p>
<p>I also think that there’s a lot less institutional acceptance of ETH as there was with Bitcoin, he says.</p>
<h2 class="wp-block-heading" id="h-what-led-to-patrick-scott-achieving-fame-on-x">What led to Patrick Scott achieving fame on X?</h2>
<p>Like many crypto influencers today, Scott isnt just sitting behind a keyboard in his moms basement sharing crypto tips and news, he also knows how to look good on camera.</p>
<p>But becoming an influencer in the first place was not planned. He has his crypto-illiterate but curious dad to thank for it.</p>
<p>I first made a YouTube video because I was trying to show my dad how to do something in DeFi on the Avalanche Network. This was back in the spring of 2021 and there were no good videos I could find on how to do this thing, he laughs.</p>
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<p>I was like, okay, I’ll just record one, and if he’s having this issue, probably other people are, so I’ll upload it, he adds.</p>
<p>He started posting videos more frequently and, after going viral a few times, started tweeting.</p>
<p>As his following grew, he realized he needed to create a more catchy name.</p>
<p>I went through a Scrabble dictionary for words that start with D to go with Defi, and I picked Dynamo because it sounded cool, and I guess it comes from the Greek word for power, he laughs.</p>
<p>After Scott got serious about X in 2022, he went through a “long period of time” where he’d queue up tweets every morning usually seven, his lucky number. He mixed crypto how-tos with screenshots of news articles and his own commentary, which is how he built up his following.</p>
<figure class="wp-block-image aligncenter size-full is-resized">
 <img decoding="async" width="894" height="259" src="https://s3.magazine.cointelegraph.com/magazine/wp-content/uploads/2024/06/patrick-scott-tweet-2.jpg" alt="" class="wp-image-33793" style="width: 100%;height:auto" srcset="https://s3.magazine.cointelegraph.com/magazine/wp-content/uploads/2024/06/patrick-scott-tweet-2.jpg 894w, https://s3.magazine.cointelegraph.com/magazine/wp-content/uploads/2024/06/patrick-scott-tweet-2-300x87.jpg 300w, https://s3.magazine.cointelegraph.com/magazine/wp-content/uploads/2024/06/patrick-scott-tweet-2-770x223.jpg 770w" sizes="(max-width: 894px) 100vw, 894px">
 <figcaption class="wp-element-caption">
  <em>(X/Patrick Scott)</em>
 </figcaption>
</figure>
<p>He explains that the feeling of a post going viral is just an insane dopamine rush.</p>
<p>I think humans are not equipped to suddenly have social validation from hundreds of complete strangers telling you that something you do is incredible and its overwhelming, he says while admitting that he is used to it now.</p>
<h2 class="wp-block-heading" id="h-what-content-does-patrick-scott-enjoy">What content does Patrick Scott enjoy?</h2>
<p>Scott closely monitors several crypto traders and analysts to stay on top of all the trends and to block out the noise in the crypto market.</p>
<p>One of his favorites is pseudonymous crypto analyst Red Phone, who Scott believes is one of the best in the game.</p>
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<p>I think hes one of the best writers in crypto. He writes about the larger implications of things and not just like everyone talking about how macro is affecting crypto, but what I like about him is a lot of his writing he is talking about how crypto can affect the macro picture, he says.</p>
<p>Skale Labs chief marketing and growth officer Andrew Saunders and <a href="https://cointelegraph.com/magazine/ethereum-is-woefully-undervalued-but-growing-more-powerful-defi-dad-hall-of-flame/" target="_blank" rel="nofollow">podcaster and influencer DeFi Dad</a> are two others that Scott closely watches.</p>
<p>According to Scott, Sanders has many very entertaining takes on the crypto market, while DeFi Dad is a great interviewer and someone who really puts a high premium on Ethereum.</p>
<figure class="wp-block-image aligncenter size-large is-resized">
 <img decoding="async" width="896" height="1024" src="https://s3.magazine.cointelegraph.com/magazine/wp-content/uploads/2024/06/Screen-Shot-2024-06-18-at-6.06.36-am-896x1024.jpg" alt="DeFi Dad, Patrick Scott, dinner tweet" class="wp-image-33797" style="width: 100%;height:auto" srcset="https://s3.magazine.cointelegraph.com/magazine/wp-content/uploads/2024/06/Screen-Shot-2024-06-18-at-6.06.36-am-896x1024.jpg 896w, https://s3.magazine.cointelegraph.com/magazine/wp-content/uploads/2024/06/Screen-Shot-2024-06-18-at-6.06.36-am-263x300.jpg 263w, https://s3.magazine.cointelegraph.com/magazine/wp-content/uploads/2024/06/Screen-Shot-2024-06-18-at-6.06.36-am-770x880.jpg 770w, https://s3.magazine.cointelegraph.com/magazine/wp-content/uploads/2024/06/Screen-Shot-2024-06-18-at-6.06.36-am.jpg 904w" sizes="(max-width: 896px) 100vw, 896px">
 <figcaption class="wp-element-caption">
  <em>(X/<a href="https://x.com/boz_menzalji/status/1763752970682880242" target="_blank" rel="nofollow">Boz</a>)</em>
 </figcaption>
</figure>
<h2 class="wp-block-heading" id="h-what-predictions-does-patrick-scott-have-in-mind">What predictions does Patrick Scott have in mind?</h2>
<p>Scott sees “every reason to think that we’re just in the lull before the secular adoption cycle,” anticipating an influx of mainstream retail investors to enter into the market in the next phase.</p>
<p>While he isnt specifying exact price targets and timelines, he sees Ethers recent pullback from $3,900 as a gift if you look at it the right way.</p>
<p>While he sticks to his prediction that Ether probably wont double the way Bitcoin did within two months after ETFs start trading, he believes the overall trend will move similarly.</p>
<figure class="wp-block-image aligncenter size-full is-resized">
 <img decoding="async" width="885" height="603" src="https://s3.magazine.cointelegraph.com/magazine/wp-content/uploads/2024/06/Screen-Shot-2024-06-18-at-6.10.49-am.jpg" alt="Patrick Scott Ether price tweet" class="wp-image-33800" style="width: 100%;height:auto" srcset="https://s3.magazine.cointelegraph.com/magazine/wp-content/uploads/2024/06/Screen-Shot-2024-06-18-at-6.10.49-am.jpg 885w, https://s3.magazine.cointelegraph.com/magazine/wp-content/uploads/2024/06/Screen-Shot-2024-06-18-at-6.10.49-am-300x204.jpg 300w, https://s3.magazine.cointelegraph.com/magazine/wp-content/uploads/2024/06/Screen-Shot-2024-06-18-at-6.10.49-am-770x525.jpg 770w" sizes="(max-width: 885px) 100vw, 885px">
 <figcaption class="wp-element-caption">
  (X/<a href="https://x.com/Dynamo_Patrick/status/1793384007717273619" target="_blank" rel="nofollow">Patrick Scott</a>)
 </figcaption>
</figure>
<p>I’ll say this: I expect a similar directional movement. But because were at different stages in the cycle. I dont expect it to double, he says.</p>
<p>However, hes not keen on guessing how many months it might actually take for Ethers price to double.</p>
<p>I dont want to make a specific prediction about months like that, he responds after a cheeky nudge.</p>
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Ethereum’s recent pullback could be a gift: Dynamo DeFi, X Hall of Flame

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