Ethereum
Analyst Says Markets ‘100% Underestimate’ Chances of Ethereum ETF Approval, Warns of Memecoins Ahead
A closely followed crypto analyst thinks market participants are too pessimistic about the chances of regulators greenlighting an Ethereum spot (ETH) exchange-traded fund (ETF).
Pseudonymous Analyst Altcoin Psycho tell his 501,800 followers on social media platform X that people are not optimistic enough about ETH right now.
“Markets are 100% underestimating the chances of an ETH ETF.
This also underestimates the impact this will have on prices.
Buying ETH below $3,000 before the ETF will ultimately be an obvious retrospective trade. Just like it’s now obvious that you should have bought Bitcoin pre-ETF.
Data from Ethereum-based prediction market platform Polymarket watch that only 13% of traders believe an ETH ETF will be approved by the end of the month.
Looking at the broader digital asset market, Altcoin Psycho believes market participants will eventually turn their capital for blue-chip crypto projects at the expense of memecoins.
“At some point, all this scattered attention will be reduced through a flight to quality, which also means a sell-off of memecoins. I don’t think the cycle peak has been reached, but I think the memecoin peak is not far away. Memecoins are a gateway drug not the end game, study past cycles if you disagree.
As for the emerging sector of artificial intelligence (AI), the analyst said that while many are calling for the AI bubble to burst, he believes it is still in its infancy and poised to become one of the biggest speculative craze ever seen.
“Most say the AI bubble will burst soon, I will go against the grain and say the bubble is only just beginning.
This is my biggest conviction since I said SOL at $15 was a must buy…
99% of AI startups will fail. When this happens, opponents will prematurely claim victory. But once the dust settles, the surviving 1% will be so valuable that they can single-handedly carry the bubble beyond all the other bubbles we’ve seen. »
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