Spot Ethereum ETF Officially Approved! Don't "Sell-The-News" for the following reasons, the last reason is an opportunity that you must not miss!
On the evening of May 23, US time, the SEC officially approved the Spot Ether ETF for 8 ETF issuers. This is an event that was predicted in advance and even came earlier than investors expected. "Sell-the-News" will not take place and ETH price will not drop deeply for the following reasons:
1. The government seeks to support crypto. As mentioned yesterday, Presidential candidates are supporting crypto to mobilize voters. If the policy from a country with the world's leading economy supports crypto, you should not go against the trend by selling ETH.
2. Spot ETF issuers will have to buy ETH. Similar to the Bitcoin ETF, these organizations must store ETH (spot) and cause demand for this coin to increase. Large inflows from TradFi will push ETH prices even higher. Therefore, by selling ETH now, you are giving up extremely potential opportunity costs.
3. Altcoin Season. Bitcoin Dominance has broken the uptrend and is showing signs of falling to lower levels. Stablecoin market share is also showing a decline, suggesting that investors are starting to invest in Bitcoin and altcoins instead of holding more Stablecoins. These 2 conditions show that Altcoin is at the beginning of a strong price increase period.