🔍 Why Isn't ETH Mooning Yet? 🔍
1. Buy the Rumor, Sell the News:
The lack of significant price movement post-approval might be due to the idea that "everyone who wanted to buy the approval already did." In other words, the anticipation of ETF approval may have already been priced into the market. 📈💡
2. ETFs Aren't Live Yet:
While the ETFs have received the green light, they haven't officially launched. The process involves an approved S-1 filing, which includes financial details and risk profiles. So, net new capital inflow is still on the horizon. 📄💰
3. Historical Precedent:
Remember when spot Bitcoin ETFs were approved? Bitcoin's price initially dropped 15% before eventually spiking 30% over 30 days. So, patience might be key here. 🕰️⚖️
4. Grayscale's Influence:
Grayscale's plan to convert its Ethereum Trust (ETHE) into a spot Ether ETF could impact the market. Similar to what happened with Grayscale Bitcoin Trust (GBTC), there are concerns about potential outflows. 📉🤔
5. ETH Is Undervalued:
Independent Ethereum enthusiasts believe that ETH is "stupidly undervalued." The market has had only three days to fully absorb the ETF approval news. 🤷♂️💎
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So, fellow crypto enthusiasts, keep an eye on those ETF inflows, stay patient, and let's see where the Ether rocket takes us next! 🚀🌙
Remember, PEPE is soaring too! 🐸📈
