Crypto Trader Says He’s ‘Extremely Long’ On Ethereum, Undeterred By Crash Below $3,400

Crypto dealer Duncan has defined why he’s “extremely long” on Ethereum (ETH) regardless of the crypto token’s current drop to round $3,400. He emphasised the Spot Ethereum ETFs, which he believes may spark a major rally for ETH.

A ‘Significant Upside Repricing’ Might Be On The Horizon ForTHEEthereum

Duncan talked about in an X (previously Twitter) post that he believes that the market is way too bearish in the mean time and that there might be a “significant upside repricing” for Ethereum if the Spot Ethereum ETF inflows are “anything but horrible.” He additional defined why he thinks the Spot Ethereum ETFs can be an enormous success, opposite to what some would possibly suppose. 

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First, he famous that asset managers view the crypto ETF house as a “new frontier” that would generate billions in administration charges for them over the following ten years. He highlighted how BlackRock has had its most profitable product launch ever with its Spot Bitcoin ETF, which he claims is already producing $45 million in charges yearly, simply six months after its launch. 

Primarily based on this, Duncan said that the Spot Ethereum ETFs present these asset managers one other “massive opportunity” to launch a product that would deliver them related success to the Spot Bitcoin ETFs, producing tons of of hundreds of thousands in charges. Duncan remarked that the Spot Ethereum ETFs are “almost as big as the Bitcoin ETF given the base management fees and the future ability to clip a fee off the staking yield.”

Duncan additional alluded to an interview Scott Melker (aka Wolf Of All Streets) had with VanEck’s Head of Digital Asset Analysis, Matthew Sigel, to emphasise how these asset managers really feel in regards to the Spot Ethereum ETFs. From what was stated through the interview, Duncan famous how VanEck is betting on the Spot Ethereum ETFs to spark a “reflexive rally” in ETH, which Sigel claimed may make them more cash. 

Spot Ethereum ETF Issuers Might Present A Narrative For ETH

Duncan tried to counter the argument made by crypto figures like Andrew Kang, who argued that Ethereum had no narrative and that the Spot Ethereum ETFs may not succeed due to that. Duncan said that asset managers like BlackRock and VanEck can “literally start the narratives themselves.”

He added that this narrative might be about BlackRock’s Actual World Belongings (RWA) on-chain, VanEck’s new stablecoin, or the asset managers’ “open app store” thesis. Dunan stated the market may witness a “massive ETH rally” when these narratives are combined with some “good flows and ETH’s extremely reflexive characteristics.”

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The crypto dealer admitted that this might take time however opined that it’s naive to suppose that these asset managers received’t deploy important sources to draw inflows to their Spot Ethereum ETFs. 

Crypto analyst and dealer Tyler Durden shared an analogous sentiment when he talked about that Ethereum reaching $10,000 was the “most asymmetric bet” in crypto right now. He claimed that Wall Avenue had put a lot effort into making certain that the Spot Ethereum ETFs had been authorised, and now, they’ll make as a lot cash from it whereas pumping ETH. 

ETH worth above $3,400 | Supply: ETHUSDT on

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