Ether ETF is at a new all-time high as the count nears its end.
It may come as a surprise that Ether (ETH) crypto markets hit new all-time highs before Bitcoin (BTC) regained price gains.
In some of his latest market analysis, Michael Van de Pop, founder and CEO of MNTrading, predicted a “potential” move in ETH/USD.
Analyst sees altcoin focus pushing up ETH price
Ether is the next cryptocurrency in line to beat its current all-time high, according to a new analysis.
As Cointelegraph reports, crypto traders expect strong Bitcoin price action in response to another dramatic ETF moment – the launch of spot ETF products on Ether in the United States.
These, while not yet fully approved to start trading, received a conceptual green light from regulators after the sudden U-turn.
At the same time, the move could reduce Bitcoin's share of the overall crypto market capitalization – which some see as giving more space to altcoins.
Van de Pop argued at the end of the week that “Bitcoin dominance has increased this cycle by 58%”.
“The value of altcoins is extremely low compared to Bitcoin. Perhaps the next all-time high is about to be reached for Ethereum.”
At the time of writing, ETH/USD was trading around $3,850, according to data from Cointelegraph Markets Pro and TradingView – still well below the record low of $4,900 set at the end of 2021.
IBIT will be the world's largest Bitcoin ETF.
The Bitcoin ETF battle saw a symbolic milestone on May 28 when BlackRock IBIT beat Grayscale Bitcoin Trust (GBTC) for the first time in BTC holdings.
Related: BlackRock Adds Its Own Bitcoin ETF to Income and Bond Fund
According to revenue streams tracked by sources including crypto reviews portal Apollo, by the close of Wall Street trading, IBIT had accumulated 288,670 BTC against GBTC's 287,450 BTC.
This “reversal” has long been on the cards for market watchers. Since converting to a spot ETF in January, GBTC has steadily pulled its assets under management as investors shifted their funds.
At the beginning, GBTC was close to 620,000 BTC, which is now down by 53%.
“Big news: Blackrock now holds more BTC than GBTC,” famous analyst WhalePanda wrote in part in response to X (formerly Twitter).
WhalePanda also cited the turmoil at Greyscale, where CEO Michael Sonnenshin announced earlier this month that he would be stepping down.
Bitcoin ETF operators have seen a correction in interest in recent weeks, with returns now positive for ten consecutive days.
This article does not contain investment advice or recommendations. Every investment and business activity involves risk, and readers should do their own research when making a decision.
