Venture Capitalist Arthur Cheong Predicts Ethereum Could Rally if BlackRock Launches Bitcoin ETF
Venture capitalist Arthur Cheong believes that Ethereum (ETH) could experience a significant rally under certain conditions. Cheong, the founder and CEO of DeFiance Capital, suggests that if BlackRock successfully launches a spot Bitcoin (BTC) exchange-traded fund (ETF), the financial giant may consider applying for a spot Ethereum ETF in the future.
Cheong predicts that BlackRock could submit an application for an ETH ETF within the next year, which would drive up the price of Ethereum. He highlights Ethereum’s environmental friendliness and its native staking yield as attractive features for institutional investors if a BTC spot ETF proves successful.
However, Cheong also mentions that the ETH/BTC trading pair is likely to experience a correction for at least six months before Ethereum begins to outperform Bitcoin. He suggests that all short-term focus will be on BTC, combined with the upcoming halving in April next year. Only after these events might Ethereum start gaining momentum against Bitcoin.
At present, the ETH/BTC trading pair is valued at 0.0526 BTC ($1,771).
Cheong further emphasizes that cryptocurrencies have significant investment potential due to their global demand and denomination in US dollars. He points out that crypto assets are among the best investments to own, alongside US equities and fixed incomes.
Finally, Cheong notes that Solana (SOL) may be due for a correction following a major rally. He also suggests that other altcoins might start breaking out soon, as market attention shifts away from SOL to other lesser-known names.
Solana is currently trading at $30.21, retracing from its daily high of $32.27.
Hot Take: Ethereum’s Potential Rally and the Impact of BlackRock
Venture capitalist Arthur Cheong believes that Ethereum could experience a significant rally if BlackRock, a financial giant, launches a Bitcoin exchange-traded fund (ETF) and subsequently considers an Ethereum ETF. The introduction of a spot ETH ETF by BlackRock would likely drive up the price of Ethereum due to its environmental friendliness and staking yield, making it appealing to institutional investors. However, Cheong also predicts that the ETH/BTC trading pair will undergo a correction for at least six months before Ethereum starts outperforming Bitcoin. Despite this, cryptocurrencies like Ethereum and altcoins continue to attract global demand and are considered valuable investments.
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