Ethereum poised to reach unprecedented peak as Ether ETF countdown draws to a close

Ether (ETH) could surprise the crypto market by reaching new all-time highs before Bitcoin (BTC) enters price discovery, according to Michaël van de Poppe, founder and CEO of trading firm MNTrading. Van de Poppe’s latest market analysis suggests that ETH/USD will likely make a move in the near future. This prediction aligns with the anticipation among crypto traders that the launch of spot ETF products on Ether in the United States will generate strong price action for Bitcoin. Although these products have not yet been approved for trading, regulators have given them a tentative green light, signaling a potential shift in the overall crypto market cap. Van de Poppe believes that Bitcoin’s dominance has peaked in this cycle at 58%, leaving room for altcoins to gain more ground. As of now, ETH/USD is trading around $3,850, still a significant distance from its previous record of $4,900. In other news, BlackRock’s IBIT has surpassed the Grayscale Bitcoin Trust (GBTC) in BTC holdings, marking a symbolic milestone in the Bitcoin ETF battle. According to sources, IBIT currently holds 288,670 BTC, while GBTC holds 287,450 BTC. This “flippening” was expected, as GBTC has gradually lost assets under management since its conversion to a spot ETF in January. Initially, GBTC held nearly 620,000 BTC, but that number has since decreased by 53%. The news of BlackRock’s BTC holdings surpassing GBTC’s comes at a time when Grayscale is undergoing internal changes, with CEO Michael Sonnenshein stepping down earlier this month. Bitcoin ETF operators have experienced a resurgence of interest recently, with net positive inflows for ten consecutive days. It is important to note that this article does not provide investment advice or recommendations, and readers should conduct their own research before making any investment or trading decisions.