Mt. Gox has started moving funds, Bitcoin held by the US government has been sent to Coinbase Prime (or whatever), and that would mean we get the German dump 2.0 in the following days and weeks, but... And there is also a but...
Yesterday, BlackRock's ETF had half a billion in inflows, which is comparable to its inflows in March when the price of Bitcoin was near its ATH. What does that mean? Well, interest is back on Bitcoin...
These big financial players are not as smart as the retail; it's just that they have much more money than us, hence they are called smart money. If the opposite were true, they would be accumulating near the $53,000 bottom like there was no tomorrow. They didn't...
The hype is back, Bitcoin is once again challenging resistance at $68,000, and thus these institutional players are bagging in businesses. Today, we have a big day because it is now official: ETH ETFs will go live in the US in just a few hours. What does that mean?
Well, it means that the types of people who need a Bitcoin ETF in order to have exposure to Bitcoin now can have exposure to ETH as well in the same way. We now officially have two crypto spot ETFs in the US. What does this mean for us? Well...
To me, that means ETH will at least replicate Bitcoin's performance after the ETF is approved, which will translate to a steady and aggressive bull run that will probably take ETH way above $5,000. I expect that to happen because I believe the demand for ETH coming from institutional investors will be quite similar to the one towards BTC.
Why would these people have pretty much the same confidence in ETH as they have in BTC? Well, I believe it is because ETH has proved to be quite "safe." It is safe as a network and also safe when it comes to bear markets.
Typically, altcoins go down as much as 90% during a bear market, but this was not the case with ETH during the past bear market. It proved resilience with its approx 60% correction. The old dudes that are buying these ETFs are not looking to put their money into highly volatile altcoins.
They are looking for stability and wealth preservation. For us degenerate plebs looking to make millions out of a few grand, ETH going parabolic means our shitcoins will go ballistic, which is nice, right... Because we all wanna make money in this market.
I doubt there's anyone looking to waste money on shitcoins. So, if you study the past, you will see that whenever ETH blows its previous ATH, a new altcoin season starts. ETH doing great means altcoins "have confidence" is time to fly.
There have been some altcoins that have already made history for this cycle, but when I am talking about altcoin seasons, I am pointing at a mass movement in prices. If ETH goes up heavily, almost every shitcoin will do at least 10X this cycle. Today's the day the ETFs go live, and we might see the beginning of a new altcoin season.
One for the history books, probably something similar to 2017...
Thanks for your attention,
Adrian
