#ETHETFsApproved #btc70k
ETHEREUM SPOT ETFs APPROVED...WHAT NEXT?
The Spot Ethereum ETFs offered by BlackRock, Fidelity, Bitwise, Ark, VanEck, Invesco, Franklin, and Grayscale have been approved. Nevertheless, it is anticipated that these ETFs will not commence trading until the following one to two weeks. In contrast to the Bitcoin ETF, which commenced trading the day after. The market cannot price in how much capital is going to flow into the ETF, nonetheless, The ETF's acceptance is bullish for the altcoin market. This shows even more possibility for the acceptance of a Solana ETF. If the SEC is willing to accept a spot ETF for a proof of stake cryptocurrency, it can do the same for Solana, an Ethereum competitor.
The Bitcoin dominance has been consolidating in an ascending triangle pattern, but recently it has seen a sharp decline and broken below the lower boundary of the pattern. This cycle is close to an alts season, and we can see more of an upside in ethereum and other assets in coming weeks when the ETFs go live. The SEC's filing of documents with the ETF managers and the SEC's ability to file these documents will determine the timeline.
Within the coming two weeks, the ETF will be launched, prompting the influx of capital. Consequently, the market dominance of Bitcoin will is expected to decrease, while Ethereum and Solana will have significant surges. In the immediate short term, Bitcoin has had a pullback, but the market is still up and pushing up.
The acceptance of the Bitcoin ETF was priced in, causing a correction. However, the $12.5 billion that had been invested in the ETFs was not taken into account when considering the pricing. If even a tenth of that capital comes in or 5%, it could be extremely bullish for Ethereum and potentially kick off the alts season.