A widely followed crypto strategist says that a certain altcoin group will massively benefit from the approval of a spot market Ethereum (ETH) exchange-traded fund (ETF).
Pseudonymous analyst DonAlt tells his 554,400 followers on the social media platform X that while an Ethereum ETF might be a bit bearish for Bitcoin (BTC) inflows, it will be bullish for Ethereum and an altcoin cohort that has yet to see big rallies.
“Think ETH ETF would take quite a bit of bid away from BTC. Think ETH ETF would lead to ETH going up which would lead to more stupidity in the market. Think it’s good news ETH alts only basically, but that’s worth a lot given they’ve been depressed for so long they’re dirt cheap.”
Yesterday, the crypto market took off amid reports that an Ethereum ETF now has a 75% chance of getting the green light from the U.S. Securities and Exchange Commission (SEC).
According to DonAlt, an Ethereum ETF will give the crypto markets a massive shot in the arm.
“Anyway if we get an ETH ETF all bets are off. Retardation can go to new ATH (all-time high) levels and we’ll all be friends again. Shit would be wild in my opinion and would change my mind on a lot of things short term.”
The analyst names one altcoin that will likely witness a breakout rally if an Ethereum ETF gets approved.
“[Pepe is] the main ETH memecoin. I’d rather not fade it if we truly get an ETH ETF. Still technically below resistance but I don’t like the chances that holds.”
Source: DonAlt/X
At time of writing, Pepe (PEPE) is trading at $0.0000111, well above DonAlt’s resistance level.
Generated Image: Midjourney
