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Home»ALTCOIN NEWS»Top Trader Reveals ‘Obvious’ Altcoin Play Amid Potential Spot Ethereum ETF Approval.
ALTCOIN NEWS

Top Trader Reveals ‘Obvious’ Altcoin Play Amid Potential Spot Ethereum ETF Approval.

By Crypto FlexsMay 24, 20242 Mins Read
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Top Trader Reveals ‘Obvious’ Altcoin Play Amid Potential Spot Ethereum ETF Approval.
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A top cryptocurrency trader believes that Ethereum (ETH)-based decentralized finance (DeFi) tokens are the “obvious play” amid recent ETH developments.

An anonymous analyst known as Flow Horse tells his 216,500 followers on social media platform X that Ethena’s (ENA) governance token looks promising.

“We are expecting a second round of downward revisions and a possible turnaround.”

Source: TheFlowHorse/X

The Ethena Labs project includes a revenue-generating “synthetic dollar” token, USDe. The project aims to create a stable and scalable form of money in the cryptocurrency space without relying on traditional banking systems.

ENA is trading at $0.848 at the time of this writing. The 83rd-largest cryptocurrency asset by market capitalization is up nearly 15% in the past week.

However, Flow Horse notes that he plans to focus primarily on Ethereum.

“Just for your information. I have already seen tons of people talking about ETH beta. Do you know what most of my ETH betas are for? I used ETH.

Think about the dust ETH got into last year and how unexpected this was. “There’s so much catching up to do, there’s no price.”

This afternoon, the SEC approved the Ethereum ETF Form 19b-4 filings from BlackRock, Fidelity, VanEck, Grayscale, Bitwise, Ark, Franklin Templeton, and Invesco Galaxy.

However, approval of the company’s S-1 registration application is still pending.

At the time of writing, ETH is trading at $3,738. The second-largest cryptocurrency asset by market capitalization is up nearly 24% over the past seven days.

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