Countdown to Ether ETF coming to an end, Ethereum poised to reach new record high

Ether (ETH) could surpass its previous all-time highs while Bitcoin (BTC) reenters price discovery, according to market analysis by Michaël van de Poppe, founder and CEO of trading firm MNTrading. The anticipation of strong Bitcoin price action in response to the launch of spot ETF products on Ether in the United States could boost the price of Ether and potentially reduce Bitcoin’s dominance in the overall crypto market. Van de Poppe suggests that Bitcoin’s dominance has likely peaked this cycle at 58%. At present, ETH/USD is trading around $3,850, still below its record of $4,900. Meanwhile, BlackRock’s IBIT has surpassed the Grayscale Bitcoin Trust (GBTC) in BTC holdings, marking a symbolic milestone in the Bitcoin ETF battle. GBTC has steadily lost its assets under management since its conversion to a spot ETF, while IBIT now holds 288,670 BTC compared to GBTC’s 287,450 BTC. This development has been anticipated by market observers, and it coincides with a resurgence of interest in Bitcoin ETFs, with net positive inflows for ten consecutive days. It’s important to note that this article does not offer investment advice, and readers should conduct their own research before making any investment decisions.