One closely watched cryptocurrency analyst believes market participants are too pessimistic about the chances of regulators approving a spot Ethereum (ETH) exchange-traded fund (ETF).
Altcoin Psycho, a pseudonymous analyst, tells his 501,800 followers on social media platform
“The market is 100% underestimating the odds of the ETH ETF.
We are also underestimating the impact it will have on prices.
Buying ETH below $3,000 before the ETF would end up being a clear hindsight trade. “It is now clear that we should have bought Bitcoin before the ETF.”
Only 13% of traders believe an ETH ETF will be approved by the end of this month, according to data from Polymarket, an Ethereum-based prediction markets platform.
Looking at the broader digital asset market, Altcoin Psycho believes market participants will eventually divert capital to blue-chip cryptocurrency projects at the expense of memecoins.
“At some point, all this scattered attention will narrow through quality improvements, which will also mean selling off memecoins. I don’t think I went into the cycle top, but I think the Mimcoin top isn’t far away. Memecoin is a gateway drug, not an end game. If you disagree, study past cycles.”
When it comes to the emerging field of artificial intelligence (AI), the analyst says that while many are calling for the AI bubble to burst, he believes it is still in its infancy and will be one of the biggest speculative crazes we have ever seen.
“Most people would say that the AI bubble is about to burst, but I would be on the other side and say that the bubble is just beginning.
This is what I’m most confident in since I said SOL at $15 was a must buy…
99% of AI startups will do fail. When this happens, naysayers will be quick to claim victory. But once the dust settles, the surviving 1% will be so valuable that we will have a bubble bigger than any we have ever seen.”
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Disclaimer: Opinions expressed on The Daily Hodl do not constitute investment advice. Investors should do their due diligence before making high-risk investments in Bitcoin, cryptocurrencies, or digital assets. Please note that your transfers and transactions are entirely at your own risk and that you will be responsible for any losses you may incur. The Daily Hodl does not recommend the purchase or sale of any cryptocurrency or digital asset, and The Daily Hodl is not investment advice. The Daily Hodl engages in affiliate marketing.
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