He made 9 figs, starting with empty pockets.
He predicted every market movement since 2020.
His current market thoughts shocked me...
🧵: His story, trading strategy, market vision, and holdings 👇
1/➮ Not long ago, one of the, Andrew Kang, shared his opinion about the $ETH ETF
He believes that the approval of an $ETH ETF will not significantly impact the market as $BTC ETF was
Let's delve into it:
2/➮ But first, before we listen to him, let's understand who he is:
@Rewkang is a highly influential crypto trader on X with an audience of over 270k
He is a co-founder of @MechanismCap, a tier-1 VC that has successfully invested in $NEON, $MAVIA and many more gems.
3/➮ Another interesting aspect could be his investments
Visit his portfolio on @CryptoRank_io and we can see that Andrew was investing into @blast, @puffer_finance, @plumenetwork, and others
Now let's dive into his opinion on $ETH ETF
4/➮ Andrew says he was bullish on $BTC ETF when $BTC was $25k, and since then it has given 2.5x returns while ETH has given 2x
Overall, from the bottom, $BTC has given 4.2x returns and $ETH 4x
However, the impact after the $ETH ETF is not so clear-cut
5/➮ $BTC ETFs have accumulated $50B AUM
However, analyzing the CME data and ETF holders, $4.5B of net flows can be attributed to basis trading
From this, Andrew believes that ETH flows could amount to 10% of BTC flows, which equals ~$0.5B
most optimistic scenario, $1.5B(30%)
6/➮ The net buying is significantly lower than the derivative flows that front-run the ETF
Additionally, $BTC is a macro asset and more advantageous because it attracts macro funds, pension funds, etc
$ETH is more of a tech asset, attracting VCs, crypto funds, etc
/➮ Also, considering the CME data, $ETH has significantly less OI(Open Interest) than $BTC before the ETF launch
Andrew views this as a lack of interest in the $ETH ETF from smart money in traditional finance
8/➮ It is important to realize that BTC is globally recognized as a key asset with many structural accumulators
While ETH also has such accumulators, they are much fewer in number
Additionally, BTC reached $69k/$1.2T+ in total BTC ownership before the existence of an ETF
9/➮ Kang believes that the main mistake many crypto enthusiasts make is that they look at the success of the BTC ETF and expect the same from the ETH ETF
However, he personally thinks that ETH has little chance for significant growth because it has already increased 4x from low
10/➮ In the end, Kang says that he expects ETH to trade between $3000 and $3800 before the ETF and $2400 to $3000 after
However, if BTC reaches $100k, it will push ETH to new highs
For now, Andrew expects a continued downtrend for ETH/BTC
/➮ When reading his opinions, it’s important to understand that they are his own, and he is quite bearish considering his recent tweets
In those tweets, he says that 98% of altcoins have already peaked in this cycle
So whether to listen to him or not is up to you, DYOR
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