What will be the future of bitcoin as investors shift their focus from bitcoin to the second-largest crypto asset by market capitalization.
According to research note published by CryptoSlate.
The exchange, citing various data such as options skewness, portfolio adjustments and whale stocks, noted that the launch of the ETF is likely to boost the long-term price of Ethereum.
And as such investors are selling bitcoin in their possession, to acquire Ethereum and I begin to doubt the future of bitcoin!
So you think that Bitcoin's future is in doubt just because some crypto investors will sell BTC and buy ETH? Really?
There will be some short term hype around the Ethereum ETF(just like there was hype around the Bitcoin ETF), but this hype won't last for long and it won't turn Ethereum into the number one cryptocurrency. The ETH price will never reach the Bitcoin price ATH, mostly because Ethereum isn't as scarce as Bitcoin. We are witnessing a summer price drop right now and I'm sure that all cryptocurrencies(including Ethereum) are going to decrease their market cap.