dailyhodl.com
A widely followed crypto strategist says that a certain altcoin group will massively benefit from the approval of a spot market Ethereum ($ETH) exchange-traded fund (ETF).
Pseudonymous analyst DonAlt tells his 554,400 followers on the social media platform X that while an Ethereum ETF might be a bit bearish for Bitcoin ($BTC) inflows, it will be bullish for Ethereum and an altcoin cohort that has yet to see big rallies.
“Think $ETH ETF would take quite a bit of bid away from $BTC. Think $ETH ETF would lead to $ETH going up which would lead to more stupidity in the market. Think it’s good news $ETH alts only basically, but that’s worth a lot given they’ve been depressed for so long they’re dirt cheap.”
Yesterday, the crypto market took off amid reports that an Ethereum ETF now has a 75% chance of getting the green light from the U.S. Securities and Exchange Commission (SEC).
According to DonAlt, an Ethereum ETF will give the crypto markets a massive shot in the arm.
“Anyway if we get an $ETH ETF all bets are off. Retardation can go to new ATH (all-time high) levels and we’ll all be friends again. Shit would be wild in my opinion and would change my mind on a lot of things short term.”
The analyst names one altcoin that will likely witness a breakout rally if an Ethereum ETF gets approved.
“[Pepe is] the main $ETH memecoin. I’d rather not fade it if we truly get an $ETH ETF. Still technically below resistance but I don’t like the chances that holds.”
At time of writing, Pepe (PEPE) is trading at $0.0000111, well above DonAlt’s resistance level.
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