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Home»ETHEREUM NEWS»Crypto Trader Says He Is ‘Very Long’ on Ethereum Despite Plunge Below $3,400
ETHEREUM NEWS

Crypto Trader Says He Is ‘Very Long’ on Ethereum Despite Plunge Below $3,400

By Crypto FlexsJuly 3, 20243 Mins Read
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Crypto Trader Says He Is ‘Very Long’ on Ethereum Despite Plunge Below ,400
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Cryptocurrency Trader Duncan He explained the reason for the “very long” Ethereum (ETH) crypto token. Recently dropped to around $3,400He emphasized. Spot Ethereum ETFHe believes this could lead to a significant upside for ETH.

A ‘significant upside revaluation’ for Ethereum could be on the horizon.

Duncan mentioned on X (previous Twitter) post He believes there is a market. It’s too weak There is currently a possibility of a “significant upward revaluation” for Ethereum. Spot Ethereum ETF inflows “It’s far from terrible,” he added, explaining why he thinks the Spot Ethereum ETF will be a huge success, contrary to what some might think.

References

First, he noted: Asset Manager He sees the cryptocurrency ETF space as a “new frontier” that could generate billions of dollars in management fees over the next decade. He says BlackRock has had the most successful product launches to date. Spot Bitcoin ETFHe claims to have made $45 million in annual commission revenue just six months after launch.

Based on this, Duncan said a Spot Ethereum ETF presents another “tremendous opportunity” for asset managers to launch a product that could have similar success to the Spot Bitcoin ETF, generating hundreds of millions of dollars in fees. Duncan said a Spot Ethereum ETF would be “roughly the same size as a Bitcoin ETF, given the underlying management fee and the future ability to undercut fees from staking yields.”

Duncan also commented on the interview: Scott Melker (aka Wolf Of All Streets) with VanEck’s head of digital asset research Matthew SiegelTo highlight what these asset managers think about spot Ethereum ETFs. In the interview, Duncan mentioned VanEck’s bet that a spot Ethereum ETF will cause a “reflexive rally” in ETH, and Sigel’s claim that this could lead to more profits.

Spot Ethereum ETF issuers can provide a narrative for ETH.

Duncan attempted to refute claims made by cryptocurrency figures such as: Andrew KangEthereum has no narrative, and that’s why a spot Ethereum ETF might not succeed, Duncan said, adding that asset managers like BlackRock and VanEck “can literally start their own narrative.”

He added that the story could go like this: BlackRock’s Real Assets (RWA) Onchain, VanEck’s New StablecoinOr the asset manager’s “open app store” theory. Dunan said that when this narrative is mixed with “good flow and the extremely reflexive nature of ETH,” the market could witness a “huge ETH rally.”

References

The crypto trader acknowledged that it could take time, but opined that it would be naive to think that these asset managers wouldn’t invest significant resources to attract inflows into spot Ethereum ETFs.

Cryptocurrency Analyst and Trader Tyler Durden When he shared similar feelings talking He argued that Ethereum reaching $10,000 was the “most asymmetric bet” in crypto today. He argued that Wall Street worked hard to get a spot Ethereum ETF approved, and now they’re going to make a lot of money from it by pumping ETH.

ETH Price Above $3,400 | Source: ETHUSDT on Tradingview.com

Featured image made with Dall.E, charts from Tradingview.com

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