đŁCrypto Update: The ETH/BTC ratio's been on a surprising slide, despite the bull market's kick-off in late 2022.đ
đWhat's up? Two main factors:
1ïžâŁThe approval of spot Bitcoin ETFs in the US in Jan '24, boosting buy-side pressure for Bitcoin.
2ïžâŁFierce competition among PoS blockchains, challenging Ethereum's dominance.
But don't fret, Ethereum fans!đ Experts from Glassnode and CME Group predict a shift. The introduction of spot Ether ETFs could spark a reversal of this downtrend.
đInvestors are on the edge of their seats for Ethereum ETFs. Big names like VanEck, Grayscale, Fidelity, BlackRock, 21Shares, Franklin Templeton, and Bitwise have submitted their revised spot ETH ETF S-1 registration statements to the SEC.
đïžThe deadline? July 8. Experts are hopeful for approval within the next two weeks.
đEthereum's holding strong above $3,000, and the latest data suggests it's near a potential bottom. The MVRV ratio is showing signs of improving profitability, indicating that the average Ethereum investor is holding unrealized profits.
What do you think? Is Ethereum poised for a bullish reversal? Share your thoughts below!đ #CryptoNews #ETH #BTC