Altcoins
Trader Says Ethereum ETF Could Send Altcoins into the Stratosphere – Here’s His Top Pick
Large Crypto Trader Considers Ethereum Spot (ETH) Approval of exchange-traded funds (ETFs) in the United States could send altcoins “into the stratosphere.”
The pseudonymous analyst known as Flow Horse tell his 216,300 followers on social media platform X that a spot ETH ETF would make crypto markets “crazier”.
“Here I’m thinking of calm during the summer, but if we get an ETF approved for ETH, the second wind is going to hit AF hard.”
The trader too said this major meme asset Dogecoin (DOGE) in particular, has been “sitting for a long time in a really nice place”.
Source: TheFlowHorse/X
DOGE is trading at $0.169 at the time of writing. The 9th largest crypto asset by market capitalization is up almost 11% in the past 24 hours.
The Flow Horse also draws attention to the Ethereum open interest chart, which it said is “pretty wild”.
“There is no shame in anyone seeing this and thinking about reducing leverage. The most optimistic case in the **short term** is that passive sellers have not adjusted quickly enough and are still sitting underwater.
Source: TheFlowHorse/X
ETH is trading at $3,749 at the time of writing. The second-largest crypto asset by market capitalization is up almost 20% in the past 24 hours.
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