As the crypto market consolidates on Friday, altcoins are showing mixed signals ahead of the spot ETH ETF launch. Despite predictions that the alt season may not occur this cycle due to the current market lull, Darius Tabai, CEO of Vertex Protocol, an Arbitrum (ARB)-based decentralized exchange (DEX), suggests that ETH ETFs could potentially have a positive impact on altcoins.
Darius Tabai, CEO of Vertex Protocol, believes the upcoming launch of Ethereum spot ETFs might surprise the market. He suggests the market hasn’t fully factored in the potential impact, which could lead to a price jump of 25% or more for Ethereum. Tabai thinks the market could be caught off guard by a sudden rise in ether’s price.
Tabai also notes that if Ethereum’s price continues to rise, it could boost other altcoins. This situation contrasts with the Bitcoin ETF launch, which saw altcoins struggle.
However, opinions on how the ETFs might impact ETH’s price vary. Sergei Gorev, a risk manager at YouHodler, doubts the Ethereum ETF will boost prices as much as the Bitcoin ETFs did in January, which saw Bitcoin rise by over 80% in two months. Gorev also highlights that Ether’s staking issue might affect investor interest, as staking isn’t available for Ethereum ETFs. Additionally, trading volumes have dropped by 17% this summer, partly due to many investors being on vacation.
As the market anticipates the Ethereum spot ETF launch, the potential effects on Ethereum and the broader altcoin market remain a topic of keen interest and speculation.