A top crypto trader thinks a spot Ethereum (ETH) exchange-traded fund (ETF) approval in the United States could send altcoins “to the stratosphere.”
The pseudonymous analyst known as the Flow Horse tells his 216,300 followers on the social media platform X that a spot ETH ETF would make the crypto markets “get crazier.”
“Here I am thinking spot and chill during the summer, but if we get an ETF approved for ETH the second wind is going to hit hard AF.”
The trader also says that top meme asset Dogecoin (DOGE) in particular has been “sitting in a really nice area for long.”
DOGE is trading at $0.169 at time of writing. The 9th-ranked crypto asset by market cap is up nearly 11% in the past 24 hours.
The Flow Horse also calls attention to the Ethereum open interest chart, which he says is “pretty wild.”
“No shame on anyone who sees this and thinks of dialing down the leverage. The most bullish **short term** case is that passive sellers did not adjust fast enough and are sitting underwater still.”
ETH is trading at $3,749 at time of writing. The second-ranked crypto asset by market cap is up nearly 20% in the past 24 hours.
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