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Investors Mt. Bitcoin bears took control of the bulls as Gox made panic sales in BTC amid the Bitcoin moves of the US government and the German government.
This caused the BTC price to fall to the levels of $ 53,400 seen in February. While this decline also affected altcoins, the largest altcoin Ethereum also fell by 9% to $ 2,850.
This decline in ETH came in the days when the SEC's S-1 approval was awaited in spot ETFs. Because Bloomberg analyst James Seyffart and ETF Store president Nate Geraci expect the SEC to approve S-1 applications on July 15.
As the possible approval date approaches, Bloomberg senior ETF analyst Eric Balchunas commented on Bitcoin and Ethereum.
Speaking to Cointelegraph, Eric Balchunas said that upcoming spot Ethereum ETFs could be disappointing compared to the record-breaking inflows of spot Bitcoin ETFs.
At this point, the analyst claimed that ETH ETFs could be a helper for BTC by falling behind Bitcoin.
Stating that it is easier for investors to understand the advantages that Bitcoin offers as digital gold, Balchunas said, “Ethereum looks like a technology stock compared to BTC. This makes it difficult for traditional retail investors to understand ETH.” said.
“Bitcoin and Ethereum are already moving together.
However, compared to Bitcoin, Ethereum is harder to explain to investors. So I think ETH ETFs will also lag behind the record inflows in BTC ETFs.
“I see ETH as just a supporting player to Bitcoin.”
As you may remember, US Securities and Exchange Commission (SEC) Chairman Gary Gensler stated in his statement at the end of June that preparations for the spot Etheruem ETF were progressing smoothly. However, Gensler did not make a clear statement about whether ETH ETFs would start trading before the US elections in November.
*This is not investment advice.