Bitcoin Maxi Sees Ethereum ETF as “Incredibly Bullish” for BTC
Surprisingly, a well-known Bitcoin maximalist on X, who goes by the username The Bitcoin Therapist, expressed bullish expectations about the recently approved Spot Ethereum ETF. Despite initial skepticism, he sees the development as a net positive for Bitcoin. He also called the approval of these ETFs “incredibly bullish” for Bitcoin.
Is Ethereum ETF Bullish for BTC?
The Bitcoin Therapist noted that the Ethereum ETF has been approved as a catalyst for a “wave of capital flowing into the crypto ecosystem.” He also gave the green light for various digital assets, acknowledging that the broader crypto market will benefit. “It says we will approve your money no matter what, as long as there is real demand,” he said.
However, he warns of possible risks. According to him, the influx of capital could lead to an increase in “meme money and scam fantasies”. This trend could be disastrous for some traditional finance (TradFi) funds. “This will be a disaster, yes. “It could even be disastrous for some TradFi funds,” Bitcoin maxi said.
Despite these concerns, he remains confident in Bitcoin’s durability. He believes Bitcoin will ultimately benefit from the chaos. “When the cycles end and there is blood in the streets… big daddy Bitcoin is going to suck up all this shitty money capital like it ALWAYS does,” he said.
Additionally, Bitcoin Therapist predicts a significant inflow of funds into the crypto space in the next 4-5 years. Additionally, he sees this as a desperate attempt by many to secure ETF approvals. “I have no doubt that funds will pump a lot of money into this area,” he said. Some projects may be successful while others may fail. No matter what, he believes Bitcoin will absorb everything.
As a result, The Bitcoin Therapist sees the Ethereum ETF as an “incredibly long-term bullish pick” for Bitcoin. He further added: “Some will get lucky and get approved, others will be completely wasted, but #Bitcoin will get the real prize.”
Also Read: Spot Ethereum ETF: Approval Despite Early Silence
Bitcoin ETF Entries Continue
The spot Bitcoin ETF market is experiencing a significant wave of investor interest, as evidenced by $107 million in net inflows on Thursday, May 23. This marks the ninth consecutive day of positive inflows. Therefore, it signals a strong demand for Bitcoin-exposed ETFs.
However, Grayscale’s Bitcoin Trust (GBTC) broke away from this trend and recorded an outflow of $13.72 million on the same day. Despite this outflow, other major Bitcoin ETFs have performed strongly. BlackRock’s iShares Bitcoin Trust (IBIT) saw significant inflows of $89 million, according to Farside UK data. BlackRock, a dominant player in the asset management industry, continues to attract significant capital.
Additionally, Fidelity’s Bitcoin ETF (FBTC) reported an inflow of $19.12 million. Additionally, VanEck’s HODL resulted in an inflow of $9 million. Additionally, Ark 21Shares’ ARKB and Invesco Galaxy’s BTCO generated net inflows of $2 million each.
Also Read: Ether ETF: Early Ethereum Investor Purchases $24 Million in ETH Ahead of SEC Decision
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