The cryptocurrency market has turned bearish in the midterm as Bitcoin’s (BTC) price slipped below $61k over the week. The notable cash outflows from the US-based spot Bitcoin exchange-traded funds (ETFs) in the past five days have weighed heavily on the bullish sentiments.
On Friday, Bitcoin ETFs recorded their third consecutive day of inflows, with $11.8M on June 27. Fidelity was +$6.7M, Bitwise $BITB +$8M, and ARK $ARKB +$1.8M. While Grayscale $GBTC saw an outflow of $11.4M, while BlackRock $IBIT saw 0 movements.
Poppe Forecasts an Altseason, If
According to a popular crypto analyst Michaël van de Poppe, the altcoin industry is on the cusp of gaining bullish momentum against Bitcoin after more than two and a half years. The crypto analyst noted that the ETH/BTC pair has shown some resilience against a downward trend.
As a result, Poppe indicated that Ethereum price against the US dollar will rally exponentially in the near term, for as long as the ETH/BTC pair holds above 0.05.
In his X post, he questions whether the upcoming Ethereum ETF will trigger an altcoin season or if altcoins are in decline. He notes the ongoing negative sentiment but remains optimistic about altcoins, especially Ethereum, which he includes in his portfolio.
Despite lower expectations for the Ethereum ETF compared to the Bitcoin ETF, he believes the impact could be significant due to Ethereum’s lower stock-to-flow ratio and its deflationary nature.
Crypto Impact Post ETH ETF Approval
He further went deep into the current market sentiment which was very negative leading up to the ETF approval, but Ethereum has since rebounded over 20% against Bitcoin. He argues that if Ethereum surpasses 0.06 BTC, it could catalyze a broader altcoin rally, boosting projects within the Ethereum ecosystem like Arbitrum and Optimism.
First, historical cycles often show weak altcoin performance in the first half of the year, followed by strong momentum and returns from June onward, as seen with Chainlink’s significant gains in previous years.
Second, the Federal Reserve’s potential rate cuts and declining treasury bond yields could lead to a fast Bitcoin recovery once current economic concerns settle. He expects this to boost Bitcoin, Ethereum, and the entire crypto ecosystem. Despite market corrections, van de Poppe remains confident in his investment strategy.
Future Outlook
Notably, the altcoin industry has already attracted notable attention from institutional investors as shown by the Solana ETP in Canada. Moreover, Bitcoin dominance is on the verge of a major reversal ahead, which will trigger heightened crypto cash rotation in favor of the altcoins.
Are you excited?
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