QCP Capital has reported that Bitcoin (BTC) has managed to maintain its stand at the $67,100 level for the fourth consecutive time. While the potential supply increase of Bitcoin by Mt Gox in October could pose a hindrance, the anticipated launch of the ETH spot ETF might prove beneficial.
The firm also noted a strong bullish sentiment for Ethereum (ETH), marked by substantial buying for 4k/5k ETH call options for late June 2024. Traders are also gravitating towards high-beta meme coins like Shiba Inu (SHIBA), Dogecoin (DOGE), and Pepe (PEPE), all witnessing double-digit growth and high open interest.
With BlackRock having submitted a revised S-1 form, other issuers may follow, with approval possibly landing in early July. Meanwhile, as the market consolidates and anticipates the ETH spot ETF launch, QCP Capital suggests that accumulating Ethereum remains an attractive move.
