5 things Ethereum ETFs could mean for altcoins
What will Ethereum ETFs mean for your favorite altcoin projects? Some will clearly benefit, but others — like Solana — may lose.
Ethereum’s (ETH) price action has surprised just about everyone after the unexpected news that the application process was moving forward for spot Ether exchange-traded funds (ETFs). Most investors had well and truly resigned themselves to the fact that the Securities and Exchange Commission (SEC) would almost certainly reject the applications.
So, when Bloomberg’s esteemed ETF analysts suddenly upped their odds of an approval from 25% to 75%, ETH experienced the kind of daily price surge we hadn’t seen for quite some time. As rumors circulated, ETH’s price soared past multiple support levels, jumping some 20% to top $3,800.
This welcome — if unexpected — rally shows just how high the stakes are with the spot ETH ETF approval. Indeed, this means far more for decentralized finance (DeFi) than the approval of the spot Bitcoin ETFs. While the BTC ETFs cemented Bitcoin as an institutional asset, an ETH ETF would legitimize altcoins and propel them on the next leg of the bull market rally. Here’s what I think will happen now that the SEC has given a green light to the ETH ETF applications today.
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Author: Jeff Owens
