In a surprising turn, a well-known Bitcoin maximalist, who goes by the username of The Bitcoin Therapist on X, has expressed bullish sentiments about the recently approved Ethereum ETF. Despite initial skepticism, he sees the development as a net positive for Bitcoin. Moreover, he deemed the approval of these ETFs as “incredibly bullish” for Bitcoin.
Is Ethereum ETF Bullish For BTC?
The Bitcoin Therapist noted the approval of the Ethereum ETF as a catalyst for a “wave of capital flowing into the crypto ecosystem.” Moreover, he acknowledged the broader crypto market will benefit, signaling a green light for various digital assets. “It says we will approve your coin no matter what, as long as there is real demand,” he stated.
However, he warns of the potential risks. According to him, the influx of capital may lead to a surge in “meme coins and scamcoin fantasies.” This trend could be catastrophic for some traditional finance (TradFi) funds. “It’s going to be a disaster, yes. It could even be catastrophic for some TradFi funds,” the Bitcoin maxi noted.
Despite these concerns, he remains confident in Bitcoin’s resilience. He believes Bitcoin will ultimately benefit from the chaos. “When the cycles end and there’s blood in the streets…big daddy Bitcoin is going to absorb all of that shitcoin capital like it does EVERY SINGLE TIME,” he asserted.
Furthermore, the Bitcoin Therapist predicts a significant inflow of funds into the crypto space over the next 4-5 years. In addition, he sees this as a desperate attempt by many to secure ETF approvals. “No doubt in my mind funds are going to pump so much money into this space,” he said. Some projects may succeed, while others may fail. Regardless, he believes Bitcoin will “soak it” all in.
In conclusion, The Bitcoin Therapist views the Ethereum ETF as “incredibly long term bullish” for Bitcoin. In addition, he added, “Some will get lucky and be approved and other will get flat out wasted, but #Bitcoin will reap the real reward.”
Bitcoin ETF Inflows Continue
The Spot Bitcoin ETF market has been experiencing a significant wave of investor interest, as evidenced by a substantial net inflow of $107 million on Thursday, May 23. This marks the ninth consecutive day of positive inflows. Hence, it signals robust demand for Bitcoin exposure ETFs.
Grayscale’s Bitcoin Trust (GBTC), however, diverged from this trend, recording an outflow of $13.72 million on the same day. Despite this outflow, other major Bitcoin ETFs demonstrated strong performance. According to Farside UK data, BlackRock’s iShares Bitcoin Trust (IBIT) saw a notable inflow of $89 million. BlackRock, a dominant player in the asset management industry, continues to attract substantial capital.
Furthermore, Fidelity’s Bitcoin ETF (FBTC) reported an inflow of $19.12 million. In addition, VanEck’s HODL accounted for $9 million inflows. Moreover, Ark 21Shares’ ARKB and Invesco Galaxy’s BTCO attracted $2 million net inflow each.
The post Bitcoin Maxi Deems Ethereum ETF “Incredibly Bullish” For BTC, Here’s Why appeared first on CoinGape.
Earn more PRC tokens by sharing this post. Copy and paste the URL below and share to friends, when they click and visit Parrot Coin website you earn: https://parrotcoin.net0
PRC Comment Policy
Your comments MUST BE constructive with vivid and clear suggestion relating to the post.
Your comments MUST NOT be less than 5 words.
Do NOT in any way copy/duplicate or transmit another members comment and paste to earn. Members who indulge themselves copying and duplicating comments, their earnings would be wiped out totally as a warning and Account deactivated if the user continue the act.
Parrot Coin does not pay for exclamatory comments Such as hahaha, nice one, wow, congrats, lmao, lol, etc are strictly forbidden and disallowed. Kindly adhere to this rule.
Constructive REPLY to comments is allowed