- The Bitcoin Therapist, a Bitcoin maximalist, took to X and revealed why the approval of Ethereum ETFs could be extremely bullish for BTC, potentially boosting the entire crypto ecosystem.
- He detailed several reasons why the ETH ETF approval could bolster the entire crypto space.
- Spot Bitcoin ETFs continued inflows amid growing optimism around Ether counterparts.
Discover why the approval of Ethereum ETFs is seen as a bullish signal for Bitcoin and the broader crypto market, according to a prominent Bitcoin maximalist.
Is Ethereum ETF Bullish For BTC?
The Bitcoin Therapist noted the approval of the Ethereum ETF as a catalyst for a “wave of capital flowing into the crypto ecosystem.” Moreover, he acknowledged the broader crypto market will benefit, signaling a green light for various digital assets. “It says we will approve your coin no matter what, as long as there is real demand,” he stated.
Potential Risks and Rewards
However, he warns of the potential risks. According to him, the influx of capital may lead to a surge in “meme coins and scamcoin fantasies.” This trend could be catastrophic for some traditional finance (TradFi) funds. “It’s going to be a disaster, yes. It could even be catastrophic for some TradFi funds,” the Bitcoin maxi noted.
Despite these concerns, he remains confident in Bitcoin’s resilience. He believes Bitcoin will ultimately benefit from the chaos. “When the cycles end and there’s blood in the streets…big daddy Bitcoin is going to absorb all of that shitcoin capital like it does EVERY SINGLE TIME,” he asserted.
Furthermore, the Bitcoin Therapist predicts a significant inflow of funds into the crypto space over the next 4-5 years. In addition, he sees this as a desperate attempt by many to secure ETF approvals. “No doubt in my mind funds are going to pump so much money into this space,” he said. Some projects may succeed, while others may fail. Regardless, he believes Bitcoin will “soak it” all in.
Conclusion
In conclusion, The Bitcoin Therapist views the Ethereum ETF as “incredibly long term bullish” for Bitcoin. In addition, he added, “Some will get lucky and be approved and other will get flat out wasted, but #Bitcoin will reap the real reward.”
