According to Peter Schiff, Ethereum ETF approval could be a new topic turning Bitcoin bearish. His thinking is based on the fact that investors looking to join the crypto market will not increase their crypto holdings but rather redistribute their existing crypto allocations. This means there could be a move from Bitcoin ETFs to new Ethereum ETFs, leading to low demand for Bitcoin and impacting its price.
Several Ethereum ETF applications have been filed this year, but the SEC remains undecided on them. A good number of analysts have posed positive feedback for Ethereum ETF approval. Bloomberg’s ETF specialist increased their rating on the likelihood of May approval to 75% from 25%, which suddenly sparked interest in the community.
Furthermore, on-chain data reveal that 90% of Ethereum holders are in profit, and this may suggest that there would be a viable market for ETFs for Ethereum.
Ethereum’s price has been on a bullish momentum. Currently, the asset is trading at a price of $3742.50, with a 5.72% price increase from yesterday’s gains.
Source: Coinmarketcap
However, Bitcoin’s price has been fluctuating due to investors pumping more into ETH. At the time of writing, the crypto currently trades at $69,937 after seeing an 18.57% decrease going from $70,000 to $57,000 in the last 24 hours.
Although the prediction from Schiff has some credibility, it is important to also address the general market tendencies.
Also Read: Donald J. Trump Presidential Campaign Now Accepting Crypto
