Bitcoin ETF

Bitcoin

Grayscale Bitcoin Trust

Ether may surprise crypto markets by hitting new all-time highs before Bitcoin reenters price discovery.
In his latest market analysis, Michaël van de Poppe, founder and CEO of trading firm MNTrading, predicted a likely move by ETH/USD.
According to new analysis, Ether is expected to surpass its current all-time highs soon.
As reported by Cointelegraph, crypto traders are anticipating strong Bitcoin price action in response to the launch of spot ETF products for Ether in the United States.
These products, while not yet fully approved for trading, have received a notional green light from regulators following a surprise U-turn.
This development could reduce Bitcoin’s share of the overall crypto market cap, potentially giving altcoins more room to grow.
“The Bitcoin dominance has likely peaked this cycle at 58%,” Van de Poppe stated.
“The valuations of altcoins are super low compared to Bitcoin. Likely the next all-time high is going to be reached for Ethereum.”
At the time of writing, ETH/USD traded at around $3,850, based on data from Cointelegraph Markets Pro and TradingView, still significantly below its record of $4,900 set in late 2021.
The Bitcoin ETF battle reached a symbolic milestone on May 28 as BlackRock’s IBIT surpassed the Grayscale Bitcoin Trust (GBTC) in BTC holdings for the first time.
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According to inflows tracked by sources like crypto reviews portal Apollo, at the close of Wall Street trading, IBIT had accumulated 288,670 BTC compared to GBTC’s 287,450 BTC.
This “flippening” had long been anticipated by market observers.
Since converting to a spot ETF in January, GBTC has steadily lost assets under management as investors shifted their funds. Initially, GBTC held nearly 620,000 BTC, but the tally has now decreased by 53%.
“Biggest news: Blackrock now holds more BTC than GBTC,” popular commentator WhalePanda noted on X (formerly Twitter).
WhalePanda also mentioned upheaval at Grayscale, with CEO Michael Sonnenshein announcing his resignation earlier this month.
Bitcoin ETF operators have experienced a resurgence in interest recently, with inflows remaining net positive for ten consecutive days.
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Ethereum Set to Surpass All-Time Highs as Bitcoin Dominance Declines

Crypto Intelligence

Další články publikované 31. 5. 2024

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