Ethereum due for new all-time high as countdown to Ether ETF nears end
Ether (ETH) may surprise crypto markets to hit fresh all-time highs before Bitcoin (BTC) reenters price discovery.
In some of his latest market analysis, Michaël van de Poppe, founder and CEO of trading firm MNTrading, forecast a "likely" move by ETH/USD to come.
Analyst sees altcoin focus boosting ETH price
Ether is the next cryptocurrency in line to beat its current all-time highs, new analysis says.
As Cointelegraph reported, crypto traders anticipate strong Bitcoin price action in response to another landmark ETF moment — the launch of spot ETF products on Ether 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 overall crypto market cap — 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.
"The valuations of altcoins are super low compared to Bitcoin. Likely the next all-time high is going to be reached for Ethereum."
ETH/USD traded at around $3,850 at the time of writing, per data from Cointelegraph Markets Pro and TradingView — still a considerable way below its record $4,900 set in late 2021.
IBIT becomes world's biggest Bitcoin ETF
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: BlackRock adds own Bitcoin ETF to income and bond funds
According to inflows tracked by sources including crypto reviews portal Apollo, at the close of Wall Street trading, IBIT had accrued 288,670 BTC versus GBTC’s 287,450 BTC.
This “flippening” had long been on the cards for market observers. Since its conversion to a spot ETF in January, GBTC has steadily shed its assets 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 response on X (formerly Twitter).
WhalePanda also made reference to upheaval at Grayscale itself, with CEO Michael Sonnenshein announcing that he would be stepping down earlier this month.
Bitcoin ETF operators have seen a resurgence in interest in recent weeks, with inflows now net positive for ten consecutive days.
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.
