In a surprising turn, a well-known Bitcoin maximalist, who goes by the username of The Bitcoin Therapist on X, has expressed bullish sentiments about the recently approved Spot Ethereum ETF. Despite initial skepticism, he sees the development as a net positive for Bitcoin. Moreover, he deemed the approval of these ETFs as “incredibly bullish” for Bitcoin.
Is Ethereum ETF Bullish For BTC?
The Bitcoin Therapist noted the approval of the Ethereum ETF as a catalyst for a “wave of capital flowing into the crypto ecosystem.” Moreover, he acknowledged the broader crypto market will benefit, signaling a green light for various digital assets. “It says we will approve your coin no matter what, as long as there is real demand,” he stated.
However, he warns of the potential risks. According to him, the influx of capital may lead to a surge in “meme coins and scamcoin fantasies.” This trend could be catastrophic for some traditional finance (TradFi) funds. “It’s going to be a disaster, yes. It could even be catastrophic for some TradFi funds,” the Bitcoin maxi noted.
Despite these concerns, he remains confident in Bitcoin’s resilience. He believes Bitcoin will ultimately benefit from the chaos. “When the cycles end and there’s blood in the streets…big daddy Bitcoin is going to absorb all of that shitcoin capital like it does EVERY SINGLE TIME,” he asserted.
Furthermore, the Bitcoin Therapist predicts a significant inflow of funds into the crypto space over the next 4-5 years. In addition, he sees this as a desperate attempt by many to secure ETF approvals. “No doubt in my mind funds are going to pump so much money into this space,” he said. Some projects may succeed, while others may fail. Regardless, he believes Bitcoin will “soak it” all in.
In conclusion, The Bitcoin Therapist views the Ethereum ETF as “incredibly long term bullish” for Bitcoin. In addition, he added, “Some will get lucky and be approved and other will get flat out wasted, but #Bitcoin will reap the real reward.”
Also Read: Spot Ethereum ETF: Approval Secured Despite Early Silence
Bitcoin ETF Inflows Continue
The Spot Bitcoin ETF market has been experiencing a significant wave of investor interest, as evidenced by a substantial net inflow of $107 million on Thursday, May 23. This marks the ninth consecutive day of positive inflows. Hence, it signals robust demand for Bitcoin exposure ETFs.
Grayscale’s Bitcoin Trust (GBTC), however, diverged from this trend, recording an outflow of $13.72 million on the same day. Despite this outflow, other major Bitcoin ETFs demonstrated strong performance. According to Farside UK data, BlackRock’s iShares Bitcoin Trust (IBIT) saw a notable inflow of $89 million. BlackRock, a dominant player in the asset management industry, continues to attract substantial capital.
Furthermore, Fidelity’s Bitcoin ETF (FBTC) reported an inflow of $19.12 million. In addition, VanEck’s HODL accounted for $9 million inflows. Moreover, Ark 21Shares’ ARKB and Invesco Galaxy’s BTCO attracted $2 million net inflow each.
Also Read: Ether ETF: Early Ethereum Investor Buys $24M ETH Ahead SEC Verdict
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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