Samson Mow, a prominent advocate for Bitcoin and CEO of the Bitcoin-centric company Jan3, has once again voiced his critique of Ethereum and other alternative cryptocurrencies (altcoins), reiterating his staunch support for Bitcoin as the sole deserving digital currency. Taking to his X (formerly Twitter) handle, Mow directed his comments towards the recently approved spot Ethereum ETFs, expressing his disdain for them.

In his tweet, Mow referred to altcoins as "s-coins," a term often used by Bitcoin maximalists to express their disapproval of alternative cryptocurrencies. Regarding the approval of spot Ethereum ETFs, Mow asserted that these "s-coins" do not contribute to the advancement of Bitcoin, maintaining his conviction that there is no second-best option after Bitcoin in the cryptocurrency realm.

Mow's skepticism towards spot Ethereum ETFs revolves around his belief that there is currently insufficient demand for such financial products and that Bitcoin proponents are unlikely to alter their investment strategies in response to them. Previously, Mow had suggested that investors should consider selling Ethereum if its value relative to Bitcoin exceeded a certain threshold.

Interestingly, Mow's stance diverges from that of Bitcoin advocate and MicroStrategy founder Michael Saylor, who recently opined that the approval of spot Ethereum ETFs could potentially benefit Bitcoin. Saylor argued that the expansion of the overall asset class, facilitated by positive regulatory developments like the SEC's approval of Ethereum ETFs, could attract more capital into Bitcoin.

On-chain analytics data from @lookonchain revealed a significant inflow of Bitcoin into spot Bitcoin ETFs on May 29, with a total of 2,075 BTC added, valued at over $140.8 million. Notably, BlackRock secured the largest portion of BTC, followed by Fidelity and VanEck, while Grayscale experienced a minor outflow.

Despite a slight increase in Bitcoin's price over the past 24 hours, surpassing the $68,000 mark, a subsequent pullback brought its value back to $67,430. This price fluctuation underscores the ongoing volatility in the cryptocurrency market, influenced by various factors including regulatory decisions and investor sentiment.