In an unexpected twist, a prominent Bitcoin enthusiast known as The Bitcoin Therapist on X has shown optimism about the newly approved Spot Ethereum ETF. Initially skeptical, he now views this development as beneficial for Bitcoin. He even described the approval of these ETFs as “incredibly bullish” for Bitcoin.

Is the Ethereum ETF Positive for BTC?
The Bitcoin Therapist believes the Ethereum ETF approval will trigger a “wave of capital flowing into the crypto ecosystem,” benefiting the broader crypto market and signaling approval for various digital assets based on demand. He stated, “It says we will approve your coin no matter what, as long as there is real demand.”

However, he cautions about potential risks. The influx of capital could lead to a rise in “meme coins and scamcoin fantasies,” which might be disastrous for some traditional finance (TradFi) funds. “It’s going to be a disaster, yes. It could even be catastrophic for some TradFi funds,” he noted.

Despite these concerns, he remains confident in Bitcoin's robustness. He believes Bitcoin will ultimately thrive amid 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 anticipates a significant inflow of funds into the crypto space over the next 4-5 years as many strive to secure ETF approvals. “No doubt in my mind funds are going to pump so much money into this space,” he said. While some projects may succeed and others fail, he believes Bitcoin will “soak it” all in.

In conclusion, The Bitcoin Therapist sees the Ethereum ETF as “incredibly long term bullish” for Bitcoin. He added, “Some will get lucky and be approved and others will get flat out wasted, but #Bitcoin will reap the real reward.”