In a watershed moment for Cryptocurrency, SEC has now approved spot Bitcoin ETFs in the U.S. As reports are suggesting, trading for ETFs may begin from Thursday itself. There are numerous claims in media about inflows through ETFs for Bitcoin ranging from $5 Billion to $1 Trillion within a year. However, surprisingly Bitcoin hasn't reacted to the approval news as was anticipated. Rather the Altcoin market including Ethereum is gaining momentum out of nowhere.
Most of the analysts anticipated a highly volatile Bitcoin market before the approval. But what is happening after the approval news is completely contradictory. Bitcoin has moved only sideways, consistently moving between $45.5k to 47.5k. Considering the fake approval news and Bitcoin's sudden pump that happened a few days ago, the recent trend for Bitcoin is nowhere close to that. Also the Bitcoin dominance is back to mid December 2023 levels.
It seems as if everything was dramatically scripted. There was a huge correction back to $40ks a few days ago and a minor one just before the approval news. There were reports that suggested the market would react 'sell the news' but we are still to witness any of such signs. I personally doubted 'sell the news' reports and disapproved the idea of making this approval a 'FOMO'.
Why Bitcoin hasn't overreacted to the approval news is due to its already running into an extended bull run which is yet to see a major correction. Bitcoin on the up to $47k from last year's $16k hasn't had any decline that saw a drop of 30% or more. More or less Bitcoin has been moving sideways in a bullish channel since January last year and has almost gained 200% which is quite impeccable considering Bitcoin's high market cap.
However, what came as a surprise for cryptoverse was a sudden spike in altcoins and especially Ethereum. Ethereum is currently trading at +$2600 levels and it wouldn't be a surprise that the euphoria this time leads the prices to $3500 in January itself. So let's take a closer look at what's bringing up this fire to Altcoins.
In case you don't still realise what's about to come next, read the news that I confirmed about Grayscale filing to convert Ethereum Trust to Spot Ethereum ETF more than 3 months ago. Apart from Grayscale, there are many other players who have now entered the race for spot Ethereum ETFs. So, it seems that all narratives will shift to spot Ethereum ETFs. As they say, 'one brings the other', it's high time to assume that a spot ETF for Ethereum isn't very far.
Another exceptional event that's making rounds on the internet is about some whale activity for Ethereum. Someone has just made a purchase of $35 million Ethereum. Such an overwhelming move has signalled a quite bullish scenario for Ethereum and an overall booster in terms of Ethereum's future market sentiments.
Additionally, Ethereum's native tokens were on the surge recently. Lido DAO, Arbitrum, Rocket Pool and many others were leading the surge in crypto market right before the spot Bitcoin ETF approval.
For Altcoins, it is the best time to relocate funds as most of them are plunging to the lowest levels on Alts/BTC market. Small traders who located their Altcoin bags to Bitcoin in anticipation of ETF approval and a possible bull run for Bitcoin are now filling back their alt bags. Most Altcoins are in the bigger green channels despite of Bitcoin's not so greener movement. Bitcoin, on the other hand, has gone little passive due to this funds relocation from small investors. However, As Bitcoin is constantly bringing inflows, this has made it move sideways rather than taking it down altogether.
Overall, the market sentiments and the community both will definitely look ahead at a possible entry of Ethereum or other crypto assets as ETFs in near future. Bitcoin has paved the way and it is now all green for Ethereum and Altcoins. 🥂
¶¶¶•••••••••••••¶¶¶
🎁🎄☃️🌌
As Always Thanks for Reading and Tipping
Adios ... Ciao.... Bye ... Take care ...
Read more interesting Articles👇👇
How We Both Can Get $25 Each: A Guide
Read More: A Story of Hope:How Bitcoin Changed Everything
Read More: "If Winter Comes, Can Spring Be Far Behind?"
follow me on Twitter @cryptocoins4u
follow me on Facebook @hodlxpress
Tap Here to Earn Free Crypto
