Chris Burniske, a crypto investor, says Ethereum (ETH), if a key event occurs this year could see soaring prices.
Former head of crypto for ARK Invest, tells 292,200 social media followers that the traditional finance sector (TradFi), may rush to Ethereum due to the fundamentals and spark a huge rally.
It’s still possible to see it surpassing BTC (call me a naive dreamer) from this point. The asset is less liquid than BTC and once TradFi understands that it’s an ‘asset with healthy dividends’, things could get ….”
The investor cautions, however, that Ethereum could remain unpopular on the other side for some time.
The counter-cyclical to the last one was very painful to BTC. An excess of arrogance during the bear market of ’18/19 led to it losing touch with the markets in ’21, leading to its renaissance. One could argue that ETH is doing soul searching in this cycle.
The newly-launched spot Ethereum ETFs are also expected to experience a strong outflow trend similar to the BTC spot ETFs launched in January.
Don’t forget BTC dipped after the launch of its ETFs as GBTC (Grayscale Bitcoin Trust) was sold out in a massive amount. It appears that ETH will follow a similar trend with ETHE (Grayscale Ethereum Trust) exits before sustained purchasing flows take over .”
At the time of this writing, Ethereum was trading at $3,280, an increase of more than 1% over the past 24 hours.
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