A widely followed crypto analyst and trader says that he no longer has a full bullish conviction on Bitcoin (BTC).
The analyst pseudonymously known as DonAlt tells his 507,100 followers on the social media platform X that news of BlackRock’s potential filing for a spot market Ethereum (ETH) exchange-traded fund (ETF) might negatively impact the price of Bitcoin going forward.
According to DonAlt, the asset management giant’s Ethereum ETF filing will likely take away inflows from BTC.
“This steals bid from BTC but turns ETH from one of the worst coins to buy into a decent bet again, ending my beartard ETH crusade.
Turns me less bullish BTC, less bearish ETH.
Overall a negative I’d say. BTC and ETH have a very similar buyer base.