{"id":626913,"date":"2024-06-28T23:00:05","date_gmt":"2024-06-28T23:00:05","guid":{"rendered":"https:\/\/wncen.com\/?p=626913"},"modified":"2024-06-28T14:01:15","modified_gmt":"2024-06-28T14:01:15","slug":"extremely-long-on-ethereum","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/ethereum\/extremely-long-on-ethereum\/","title":{"rendered":"Crypto Trader Says He\u2019s \u2018Extremely Long\u2019 On Ethereum, Undeterred By Crash Below $3,400"},"content":{"rendered":"

Crypto trader Duncan<\/span><\/a> has explained why he is \u201cextremely long\u201d on Ethereum (ETH) despite the crypto token\u2019s <\/span>recent drop to around $3,400<\/span><\/a>. He emphasized the <\/span>Spot Ethereum ETFs<\/span><\/a>, which he believes could spark a significant rally for ETH.<\/span><\/p>\n

A \u2018Significant Upside Repricing\u2019 Could Be On The Horizon ForTHEEthereum<\/h2>\n

Duncan mentioned in an X (formerly Twitter) <\/span>post<\/span><\/a> that he believes that the market is <\/span>way too bearish<\/span><\/a> at the moment and that there could be a \u201csignificant upside repricing\u201d for Ethereum if the <\/span>Spot Ethereum ETF inflows<\/span><\/a> are \u201canything but horrible.\u201d He further explained why he thinks the Spot Ethereum ETFs will be a huge success, contrary to what some might think.\u00a0<\/span><\/p>\n

Related Reading: Telegram-Based Notcoin Burns 210 Million Tokens Amid Positive Recovery<\/a><\/div>\n

First, he noted that <\/span>asset managers<\/span><\/a> view the crypto ETF space as a \u201cnew frontier\u201d that could generate billions in management fees for them over the next ten years. He highlighted how BlackRock has had its most successful product launch ever with its <\/span>Spot Bitcoin ETF<\/span><\/a>, which he claims is already generating $45 million in fees yearly, just six months after its launch.\u00a0<\/span><\/p>\n

Based on this, Duncan stated that the Spot Ethereum ETFs provide these asset managers another \u201cmassive opportunity\u201d to launch a product that could bring them similar success to the Spot Bitcoin ETFs, generating hundreds of millions in fees. Duncan remarked that the Spot Ethereum ETFs are \u201calmost as big as the Bitcoin ETF given the base management fees and the future ability to clip a fee off the staking yield.\u201d<\/span><\/p>\n

Duncan further alluded to an interview <\/span>Scott Melker<\/span><\/a> (aka Wolf Of All Streets) had with VanEck\u2019s Head of Digital Asset Research, <\/span>Matthew Sigel<\/span><\/a>, to emphasize how these asset managers feel about the Spot Ethereum ETFs. From what was said during the interview, Duncan noted how VanEck is betting on the Spot Ethereum ETFs to spark a \u201creflexive rally\u201d in ETH, which Sigel claimed could make them more money.\u00a0<\/span><\/p>\n

Spot Ethereum ETF Issuers Could Provide A Narrative For ETH<\/h2>\n

Duncan tried to counter the argument made by crypto figures like <\/span>Andrew Kang<\/span><\/a>, who argued that Ethereum had no narrative and that the Spot Ethereum ETFs might not succeed because of that. Duncan stated that asset managers like BlackRock and VanEck can \u201cliterally start the narratives themselves.\u201d<\/span><\/p>\n

He added that this narrative could be about <\/span>BlackRock\u2019s Real World Assets (RWA)<\/span><\/a> on-chain, <\/span>VanEck\u2019s new stablecoin<\/span><\/a>, or the asset managers\u2019 \u201copen app store\u201d thesis. Dunan said the market could witness a \u201cmassive ETH rally\u201d when these narratives are mixed with some \u201cgood flows and ETH’s extremely reflexive characteristics.\u201d<\/span><\/p>\n

Related Reading: Why Is The Bitcoin Price Down Today?<\/a><\/div>\n

The crypto trader admitted that this could take time but opined that it is naive to think that these asset managers won\u2019t deploy significant resources to attract inflows to their Spot Ethereum ETFs.\u00a0<\/span><\/p>\n

Crypto analyst and trader <\/span>Tyler Durden<\/span><\/a> shared a similar sentiment when he <\/span>mentioned<\/span><\/a> that Ethereum reaching $10,000 was the \u201cmost asymmetric bet\u201d in crypto today. He claimed that Wall Street had put so much effort into ensuring that the Spot Ethereum ETFs were approved, and now, they will make as much money from it while pumping ETH.\u00a0<\/span><\/p>\n

\"Ethereum
ETH price above $3,400 | Source: ETHUSDT on Tradingview.com<\/a><\/figcaption><\/figure>\n
Featured image created with Dall.E, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"

Crypto trader Duncan has explained why he is \u201cextremely long\u201d on Ethereum (ETH) despite the crypto token\u2019s recent drop to around $3,400. He emphasized the Spot Ethereum ETFs, which he believes could spark a significant rally for ETH. A \u2018Significant Upside Repricing\u2019 Could Be On The Horizon ForTHEEthereum Duncan mentioned in an X (formerly Twitter) post that he believes that the market is way too bearish at the moment and that there could be a \u201csignificant upside repricing\u201d for Ethereum if the Spot Ethereum ETF inflows are \u201canything but horrible.\u201d He further explained why he thinks the Spot Ethereum ETFs will be a huge success, contrary to what some might think.\u00a0 Related Reading: Telegram-Based Notcoin Burns 210 Million Tokens Amid Positive Recovery First, he noted that asset managers view the crypto ETF space as a \u201cnew frontier\u201d that could generate billions in management fees for them over the next ten years. He highlighted how BlackRock has had its most successful product launch ever with its Spot Bitcoin ETF, which he claims is already generating $45 million in fees yearly, just six months after its launch.\u00a0 Based on this, Duncan stated that the Spot Ethereum ETFs provide these asset managers another \u201cmassive opportunity\u201d to launch a product that could bring them similar success to the Spot Bitcoin ETFs, generating hundreds of millions in fees. Duncan remarked that the Spot Ethereum ETFs are \u201calmost as big as the Bitcoin ETF given the base management fees and the future ability to clip a fee off the staking yield.\u201d Duncan further alluded to an interview Scott Melker (aka Wolf Of All Streets) had with VanEck\u2019s Head of Digital Asset Research, Matthew Sigel, to emphasize how these asset managers feel about the Spot Ethereum ETFs. From what was said during the interview, Duncan noted how VanEck is betting on the Spot Ethereum ETFs to spark a \u201creflexive rally\u201d in ETH, which Sigel claimed could make them more money.\u00a0 Spot Ethereum ETF Issuers Could Provide 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 might not succeed because of that. Duncan stated that asset managers like BlackRock and VanEck can \u201cliterally start the narratives themselves.\u201d He added that this narrative could be about BlackRock\u2019s Real World Assets (RWA) on-chain, VanEck\u2019s new stablecoin, or the asset managers\u2019 \u201copen app store\u201d thesis. Dunan said the market could witness a \u201cmassive ETH rally\u201d when these narratives are mixed with some \u201cgood flows and ETH’s extremely reflexive characteristics.\u201d Related Reading: Why Is The Bitcoin Price Down Today? The crypto trader admitted that this could take time but opined that it is naive to think that these asset managers won\u2019t deploy significant resources to attract inflows to their Spot Ethereum ETFs.\u00a0 Crypto analyst and trader Tyler Durden shared a similar sentiment when he mentioned that Ethereum reaching $10,000 was the \u201cmost asymmetric bet\u201d in crypto today. He claimed that Wall Street had put so much effort into ensuring that the Spot Ethereum ETFs were approved, and now, they will make as much money from it while pumping ETH.\u00a0 Featured image created with Dall.E, chart from Tradingview.com<\/p>\n","protected":false},"author":594,"featured_media":626924,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[13625],"tags":[167,6664,26263,14690,8323,89213,16163,1946,7931,6931,8686,78803],"class_list":["post-626913","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ethereum","tag-analyst","tag-crypto","tag-crypto-analyst","tag-crypto-news","tag-eth","tag-eth-news","tag-eth-price","tag-ethereum","tag-ethereum-news","tag-ethereum-price","tag-ethusd","tag-ethusdt"],"acf":[],"yoast_head":"\nCrypto Trader Says He\u2019s \u2018Extremely Long\u2019 On 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Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers. Scott\u2019s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott\u2019s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life. With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others. Scott\u2019s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott\u2019s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry. Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors. In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else. Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies. 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