A widely followed crypto analyst and trader says that he no longer has a full bullish conviction on Bitcoin (BTC).
The analyst pseudonymously known as DonAlt tells his 507,100 followers on the social media platform X that news of BlackRock’s potential filing for a spot market Ethereum (ETH) exchange-traded fund (ETF) might negatively impact the price of Bitcoin going forward.
According to DonAlt, the asset management giant’s Ethereum ETF filing will likely take away inflows from BTC.
“This steals bid from BTC but turns ETH from one of the worst coins to buy into a decent bet again, ending my beartard ETH crusade.
Turns me less bullish BTC, less bearish ETH.
Overall a negative I’d say. BTC and ETH have a very similar buyer base. It’s much better when we have a clear narrative for one without the other and play the rotation game.
Generally not full bulltard BTC anymore here, the market just turned more dangerous in my opinion.”
The pseudonymous analyst, who entered a long position on Bitcoin last month, says he has partially closed the trade at a profit of nearly 40% and divested into a potentially more promising crypto asset.
“Fire sold a large chunk of BTC I bought at $27,000 into $37,500 here.
Bought a way smaller position of ETH, could see that outperform for a bit even if BTC struggles given recent news.”
At time of writing, Bitcoin is trading for $37,107 while ETH is worth $2,047.
