Yes, Spot Bitcoin ETFs Are off to a Rocking Start, but Now It’s Time To Move to Ethereum

This is not investment advice. The author has no position in any of the stocks mentioned. has a disclosure and ethics policy.

If historical analogs continue to hold true, and we have no evidence at this time that they would not, Ethereum is all set to take the crypto leadership mantle now that spot Bitcoin ETFs have begun trading.

The cumulative volume of spot Bitcoin ETFs hit $1 billion in just the first four minutes of trading! This is a phenomenal level of activity, even against already-elevated expectations.

What’s more, Bitcoin has now hit a new 2024 high, having zoomed past the $48,000 price level and quickly approaching the $49,000 handle.

For the benefit of those who are still not sure how the launch of these spot Bitcoin ETFs affects the world’s preeminent cryptocurrency, every unit of these ETFs that is purchased translates into actual Bitcoin purchases in real-time, barring settlement-related delays.

It is hardly a surprise, therefore, that bullish Bitcoin projections just keep rolling past analyst commentaries. DeVerre’s Nigel Green now expects the world’s largest cryptocurrency by market capitalization to hit the $60,000 price level as soon as March 2024, well ahead of the halving event in April, when Bitcoin’s mining reward will again be cut in half in what is a regular 4-year cycle.

Additionally, ARK Invest’s Cathie Wood seems to have stolen the limelight for ultra-bullish projections by predicting that Bitcoin is expected to hit the $600,000 price level by 2030 in her base case scenario, and a whopping $1.5 million in the bullish case.

Nonetheless, we’ve witnessed these manic times in the crypto world a number of times already over the past decade, and each time Ethereum was able to outrun Bitcoin in the ultra-bullish phase of the cycle. In the aftermath of the launch of Bitcoin futures in 2017, Ethereum went up around 100 percent within the next few weeks. When Coinbase went public in 2021, Ethereum rallied by around 80 percent in the immediate aftermath.

Of course, spot Ethereum ETFs are also now expected to launch by May 2024, just around the time when the euphoria around Bitcoin’s halving event would be peaking.

Based on the historical analogs, we can predict with a fair amount of confidence that Ethereum’s time to shine is now approaching. And, crypto whales are already positioning for this eventuality.

Do you think Bitcoin is about to be upstaged by Ethereum? Let us know your thoughts in the comments section below.

Share this story