bitcoin and ethereum have managed to draw crowds with impressive rallies this year. With the approval of their respective spot ETFs, the world's largest cryptocurrencies are expected to attract billions.
Therefore, popular analyst Lark Davis has made bold predictions for major assets.
Bold Predictions for bitcoin and ethereum
In a recent x.com/TheCryptoLark/status/1795100334831866333″ target=”_blank” rel=”noopener” data-wpel-link=”external”>cheep, Davis predicted that bitcoin will skyrocket to $150,000 and ethereum will hit $15,000, driven by market dynamics. He points to the inflows already seen into spot bitcoin ETFs, which attract hundreds of millions of dollars daily.
ethereum ETFs are about to start trading and are expected to further fuel market enthusiasm. Davis said he anticipates a bull scenario in which a peak bull market coincides with massive investments by countries, wealth managers, pension funds and retail investors, resulting in billions of dollars being funneled into ETFs daily.
This confluence of factors, according to Davis, means that current bullish sentiments are likely underestimating potential growth.
“Imagine the scenes where retail is here and the bull market is at its peak. When countries, wealth managers, pension funds and retail trade buy billions of dollars in ETFs daily. Seriously, you are not optimistic enough.”
btc ETFs accumulate 1 million btc; eth prepares for rally
As of May 24, the total amount of bitcoin held by all spot ETFs stands at around 1,002,343 btc, with a notable proportion allocated to US-based products of the 32 ETFs currently available. This indicates growing widespread acceptance and institutional interest in cryptocurrencies, particularly in the United States.
Furthermore, the fact that bitcoin spot ETFs collectively hold over one million btc implies greater demand for the asset. As these ETFs acquire and hold bitcoin, the available supply in circulation is reduced.
With cryptocurrency supply flat and declining due to factors such as halving events, increased institutional interest and investment through ETFs could intensify scarcity, which could further increase demand and prices.
Meanwhile, ethereum price failed to challenge the $4,000 resistance, but promising signs are emerging that could cause a much-needed spike, according to the latest price analysis.
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