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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.
$1B in 4 mins of Bitcoin ETF trading https://t.co/Jq1Q64GvXJ
— On-Chain College (@OnChainCollege) January 11, 2024
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.
Just wow: $BTC surpassed $48,000 and is approaching $49,000 following the record-breaking trading volume of Spot #Bitcoin ETFs. https://t.co/bmtBrxShhx pic.twitter.com/kYqQChytHj
— COIN360 (@COIN360com) January 11, 2024
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.
The ETFs open up new institutional flows that waited for regulatory and SEC approval. It’s a green flag. But there’s even more. The ETFs were only approved for CASH subscriptions (not in-kind). So every purchase takes more Bitcoin off the market.
This metric is going higher.
— Charles Edwards (@caprioleio) January 11, 2024
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.
🔸 ETF approval could send Bitcoin to $60,000 near term – deVere’s Green
Nigel Green, a long-term cryptocurrency advocate and CEO of the deVere Group, sees the landmark SEC approval of 11 spot Bitcoin ETFs on Wednesday sending the cryptocurrency higher – perhaps to $60,000 as…
— *Walter Bloomberg (@DeItaone) January 11, 2024
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.
🔸 CAHTIE WOOD: BASE CASE FOR #BITCOIN IS $600,000 RANGE, BULL CASE IS $1.5M BY 2030
— *Walter Bloomberg (@DeItaone) January 11, 2024
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.
When the #Bitcoin futures launched in 2017, the coin that went up 100% within weeks was #Ethereum
When the Coinbase IPO launched in 2021, the count that went up 80% within weeks was #Ethereum#Bitcoin put in tops on both events ($20k+$64k), & proceeded to dump after
— Matthew Hyland (@MatthewHyland_) December 22, 2023
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.
The #Ethereum ETF will draw more interest and excitement than the BTC ETF leading into it
Its just simply based on timing, post-halving is a much more bullish time period which means market participants likely grow exponentially between now and then
Bitcoin will do great to
— Matthew Hyland (@MatthewHyland_) January 10, 2024
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.
👀 More big whales are withdrawing $ETH from #Binance in the past hours.
✅ Join the #SpotOnChain website and mobile app for more updates about whales now: https://t.co/UV6E05ZjXZ https://t.co/OZ1Jk42Qkq pic.twitter.com/Ob6183DpNz
— Spot On Chain (@spotonchain) January 11, 2024
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.