Ether (ETH) could surprise the crypto market by reaching new all-time highs before Bitcoin (BTC) enters its price discovery phase again, according to Michaël van de Poppe, the founder and CEO of trading firm MNTrading. Van de Poppe predicts a probable move for ETH/USD. The anticipation of strong Bitcoin price action in response to the launch of spot ETF products for Ether in the United States has led traders to believe that Ether will beat its current all-time highs. While these spot ETF products have not yet been approved to start trading, they have received preliminary approval from regulators after a surprising change in direction. This move could potentially reduce Bitcoin’s dominance in the overall crypto market cap, allowing altcoins more room to gain. Van de Poppe suggested that Bitcoin’s dominance has likely peaked in this cycle at 58%. As of now, ETH/USD is trading around $3,850, still far below its record of $4,900 set in late 2021.
In another significant development, BlackRock’s IBIT has surpassed the Grayscale Bitcoin Trust (GBTC) in terms of BTC holdings, marking a symbolic milestone in the Bitcoin ETF battle. According to sources such as Apollo, IBIT now holds 288,670 BTC compared to GBTC’s 287,450 BTC. This “flippening” was expected by market observers, as GBTC has been steadily losing assets under management since its conversion to a spot ETF in January. Its assets have decreased by 53% from an initial holding of nearly 620,000 BTC. WhalePanda, a popular commentator, highlighted this news and also mentioned the recent leadership change at Grayscale, with CEO Michael Sonnenshein stepping down.
Bitcoin ETF operators have experienced a resurgence in interest in recent weeks, with inflows remaining positive for ten consecutive days. It is important to note that this article does not provide investment advice or recommendations. Readers should conduct their own research before making any investment or trading decisions.