📣Crypto Update: The ETH/BTC ratio's been on a surprising slide, despite the bull market's kick-off in late 2022.📉

🔍What's up? Two main factors:

1️⃣The approval of spot Bitcoin ETFs in the US in Jan '24, boosting buy-side pressure for Bitcoin.

2️⃣Fierce competition among PoS blockchains, challenging Ethereum's dominance.

But don't fret, Ethereum fans!🙌 Experts from Glassnode and CME Group predict a shift. The introduction of spot Ether ETFs could spark a reversal of this downtrend.

👀Investors 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.

🗓️The deadline? July 8. Experts are hopeful for approval within the next two weeks.

📈Ethereum'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!👇 #CryptoNews #ETH #BTC