Traders are skeptical about assuming that the price of Ether will decline after the launch of spot Ether exchange-traded funds (ETFs), similar to what happened with Bitcoin, after spot Bitcoin ETFs started trading.
“I think there is less likelihood of a selloff here after the ETH ETF compared to the BTC ETF,” crypto trader Matthew Hyland explained in a May 24 post on X.
Hyland pointed out that, unlike Ether, Bitcoin had not experienced a price decline in the period leading up to the approval of spot Bitcoin ETFs on Jan. 10.
“The BTC ETF had no pullbacks in the months leading into it. The selling pressure began when the Grayscale ETF was listed the following day,” Hyland added. Since the launch of spot Bitcoin ETFs, Grayscale Bitcoin Trust (GBTC) has shed $17.6 billion in assets, as per Farside data.
Ether had declined by 15% over two months by May 20, up until reports suggested the SEC may have pivoted its stance toward ETF approvals, Ether then surged 29% shortly after the news within three days.
Source : Coin TelegraphTelegraph
