Crypto Analyst Predicts Ether Will Surpass Previous Records Ahead of Bitcoin’s Next Rally

Ethereum’s native token, Ether (ETH), is poised to achieve a new all-time high, according to prominent crypto market analyst Michaël van de Poppe. As the countdown to the launch of Ether ETFs in the United States nears its end, van de Poppe forecasts a significant upward movement for ETH/USD.

Analyst Predicts Altcoin Surge to Propel ETH

Van de Poppe, founder and CEO of trading firm MNTrading, suggests that Ether may hit fresh peaks before Bitcoin reenters a period of price discovery. He attributes this potential rise to a broader market shift favoring altcoins, driven by the imminent approval and launch of spot Ether ETFs.

"Ether is the next cryptocurrency in line to beat its current all-time highs," Van de Poppe stated, highlighting the anticipation among traders for a robust market reaction to the introduction of these ETF products. Although not yet fully approved, these ETFs have received a notional green light from U.S. regulators following an unexpected regulatory reversal.

This development could reduce Bitcoin’s market dominance, thereby giving altcoins more room to grow. Van de Poppe noted, "The Bitcoin dominance has likely peaked this cycle at 58%. The valuations of altcoins are super low compared to Bitcoin. Likely the next all-time high is going to be reached for Ethereum."

As of the latest market data from Cointelegraph Markets Pro and TradingView, ETH/USD is trading around $3,850, still below its previous record of $4,900 set in late 2021.

BlackRock's IBIT Overtakes Grayscale in Bitcoin Holdings

In a related milestone within the crypto ETF space, BlackRock’s iShares Bitcoin Trust (IBIT) has surpassed the Grayscale Bitcoin Trust (GBTC) in BTC holdings for the first time. As of May 28, IBIT had amassed 288,670 BTC, outstripping GBTC’s 287,450 BTC, according to data from Apollo.

This shift marks a significant change in the Bitcoin ETF landscape. Since converting to a spot ETF in January, GBTC has seen a steady outflow of assets under management, dropping from nearly 620,000 BTC to its current levels. This transition has been anticipated by market observers, as investors increasingly shift their funds to more favorable investment vehicles like IBIT.

"Biggest news: BlackRock now holds more BTC than GBTC," commented WhalePanda, a popular market commentator on X (formerly Twitter). This remark also referenced recent changes at Grayscale, including the resignation of CEO Michael Sonnenshein earlier this month.

The renewed interest in Bitcoin ETFs has resulted in positive net inflows for ten consecutive days, signaling a growing confidence among investors in these financial products.

Conclusion

As the launch of Ether ETFs draws near, Ethereum is on the brink of reaching new all-time highs, buoyed by strong market anticipation and strategic shifts within the cryptocurrency space. This period of innovation and regulatory advancements underscores the evolving dynamics of crypto investments, positioning Ether and Bitcoin ETFs for significant future impacts.