๐๐ Bitcoin enthusiasts, buckle up! While Ethereum (ETH) ETFs are making headlines, they're not quite sparking the same excitement as Bitcoin ETFs did earlier this year. ๐ง
Crypto entrepreneur Andrew Kang suggests that ETH ETFs may only attract 10%-15% of the flow that Bitcoin ETFs did. That's about $500 million to $1.5 billion in net buying within six months. ๐๐ฐ
Why the lukewarm response? Kang believes Ethereum is seen more as a tech asset, with less institutional interest and buying pressure. Plus, its current valuation metrics make it a tougher sell to traditional finance allocators. ๐ค๐ผ
But don't count Ethereum out just yet! If Bitcoin hits $100,000 by year's end or early next year, it could pull Ethereum and other altcoins up with it. ๐ข๐น
However, Kang also warns that Ethereum's price could drop after the ETF launch, potentially wiping 30% off its current value. ๐ฑ๐
Despite the bearish outlook, there's still some good news for Ethereum. The US Securities and Exchange Commission's recent decision to close its investigation into the Ethereum Foundation could solidify ETH's status as a commodity, not a security. That's a big win for Ethereum and altcoins. ๐๐ฅณ
So, Bitcoin lovers, keep your eyes on the prize and your fingers on the pulse. The crypto market is always full of surprises! ๐๐ฎ