Ethereum

Bitcoin ETF

Spot

<p><a href="https://www.newsbtc.com/news/bitcoin/why-bitcoin-bottom-is-in-new-highs-imminent/">Crypto trader Duncan</a> has explained why he is “extremely long” on Ethereum (ETH) despite the crypto token’s <a href="https://www.newsbtc.com/news/ethereum/ethereum-price-drops-3200/">recent drop to around $3,400</a>. He emphasized the <a href="https://bitcoinist.com/spot-ethereum-etf-expert-potential-launch/" rel="nofollow">Spot Ethereum ETFs</a>, which he believes could spark a significant rally for ETH.</p> 
<h2 id="a-significant-upside-repricing-could-be-on-the-horizon-fortheethereum">A ‘Significant Upside Repricing’ Could Be On The Horizon ForTHEEthereum</h2> 
<p>Duncan mentioned in an X (formerly Twitter) <a href="https://x.com/FloodCapital/status/1806126316678271014" rel="nofollow">post</a> that he believes that the market is <a href="https://bitcoinist.com/bitcoin-ethereum-put-call-ratio-retreating-in-june/" rel="nofollow">way too bearish</a> at the moment and that there could be a “significant upside repricing” for Ethereum if the <a href="https://bitcoinist.com/green-light-ahead-for-ethereum-etf-gary-gensler/" rel="nofollow">Spot Ethereum ETF inflows</a> are “anything but horrible.” He further explained why he thinks the Spot Ethereum ETFs will be a huge success, contrary to what some might think.&nbsp;</p> 
<p>First, he noted that <a href="https://www.newsbtc.com/news/bitcoin/institutional-buyers-of-bitcoin/">asset managers</a> view the crypto ETF space as a “new frontier” that could generate billions in management fees for them over the next ten years. He highlighted how BlackRock has had its most successful product launch ever with its <a href="https://bitcoinist.com/bitcoin-tidal-wave-blackrock-etf-leads-inflows/" rel="nofollow">Spot Bitcoin ETF</a>, which he claims is already generating $45 million in fees yearly, just six months after its launch.&nbsp;</p> 
<p>Based on this, Duncan stated that the Spot Ethereum ETFs provide these asset managers another “massive opportunity” to launch a product that could bring them similar success to the Spot Bitcoin ETFs, generating hundreds of millions in fees. Duncan remarked that the Spot Ethereum ETFs are “almost as big as the Bitcoin ETF given the base management fees and the future ability to clip a fee off the staking yield.”</p> 
<p>Duncan further alluded to an interview <a href="https://bitcoinist.com/crypto-when-dogecoin-does-this/" rel="nofollow">Scott Melker</a> (aka Wolf Of All Streets) had with VanEck’s Head of Digital Asset Research, <a href="https://bitcoinist.com/first-spot-solana-etf-filing-officially-submitted/" rel="nofollow">Matthew Sigel</a>, to emphasize how these asset managers feel about the Spot Ethereum ETFs. From what was said during the interview, Duncan noted how VanEck is betting on the Spot Ethereum ETFs to spark a “reflexive rally” in ETH, which Sigel claimed could make them more money.&nbsp;</p> 
<h2 id="spot-ethereum-etf-issuers-could-provide-a-narrative-for-eth">Spot Ethereum ETF Issuers Could Provide A Narrative For ETH</h2> 
<p>Duncan tried to counter the argument made by crypto figures like <a href="https://www.newsbtc.com/news/ethereum/will-ethereum-skyrocket-analyst-predicts-6000-september/">Andrew Kang</a>, who argued that Ethereum had no narrative and that the Spot Ethereum ETFs might not succeed because of that. Duncan stated that asset managers like BlackRock and VanEck can “literally start the narratives themselves.”</p> 
<p>He added that this narrative could be about <a href="https://www.newsbtc.com/news/why-blackrock-could-bet-on-this-rwa-token-crypto/">BlackRock’s Real World Assets (RWA)</a> on-chain, <a href="https://bitcoinist.com/bitcoin-etf-issuer-vaneck-dives-stablecoin-market/" rel="nofollow">VanEck’s new stablecoin</a>, or the asset managers’ “open app store” thesis. Dunan said the market could witness a “massive ETH rally” when these narratives are mixed with some “good flows and ETH’s extremely reflexive characteristics.”</p> 
<p>The crypto trader admitted that this could take time but opined that it is naive to think that these asset managers won’t deploy significant resources to attract inflows to their Spot Ethereum ETFs.&nbsp;</p> 
<p>Crypto analyst and trader <a href="https://bitcoinist.com/bitcoin-could-retrace-to-9000-if-it-breaks-below-this-one-key-level/" rel="nofollow">Tyler Durden</a> shared a similar sentiment when he <a href="https://www.newsbtc.com/news/ethereum/ethereum-price-to-hit-10000/">mentioned</a> that Ethereum reaching $10,000 was the “most asymmetric bet” in crypto today. He claimed that Wall Street had put so much effort into ensuring that the Spot Ethereum ETFs were approved, and now, they will make as much money from it while pumping ETH.&nbsp;</p> 
<img loading="lazy" decoding="async" class="size-medium" src="https://www.tradingview.com/x/NtTA1Nty/" alt="Ethereum price chart from Tradingview.com" width="3286" height="1576">

Crypto Trader Says He’s ‘Extremely Long’ On Ethereum, Undeterred By Crash Below $3,400

Table of Contents

NewsBTC

Další články publikované 28. 6. 2024

Spot Ethereum ETF: 21Shares Files Form 8A, Why Is It Important?

What is ZkSync? Exploring The Popular Layer 2 Solution

Top Three Altcoins Set to Skyrocket

Bitcoin Saturated: 200,000+ Transactions Backlogged!

Dogecoin (DOGE) Skyrockets 38% in Volume - Here's Why

These 3 Crypto Presales Have Earned Millions: Playdoge, WienerAI, and BaseDawgz

Join our free newsletter for daily crypto updates!