Ethereum
Top Trader Reveals ‘Obvious’ Altcoin Play Amid Potential Spot Ethereum ETF Approval
A top crypto trader is thinking about an Ethereum (ETHThe )-based decentralized finance (DeFi) token is an “obvious play” amid ETH’s recent developments.
The pseudonymous analyst known as Flow Horse tell its 216,500 followers on social media platformENA) This looks promising.
“I’m looking to begin the second round of a downward change in pace and eventual recovery.”
Source: TheFlowHorse/X
Ethena Labs Project Includes Yield Generating “Synthetic Dollar” Token USDe. The project aims to create a stable and scalable form of money in the crypto space without relying on traditional banking systems.
ENA is trading at $0.848 at the time of writing. The crypto asset ranked 83rd by market capitalization is up almost 15% over the past week.
The Flow Horse Remarks that he however plans to mainly focus on Ethereum.
“On a real note. I already see a lot of people talking about the ETH beta. Do you know what the bulk of my ETH beta will be? ETH mined.
Think about the dirt ETH has been dragged through over the past year and how unexpected it was. There is a lot of catching up to do, this is not taken into account.
This afternoon, the SEC approved Ethereum ETF forms 19b-4 filings of BlackRock, Fidelity, VanEck, Grayscale, Bitwise, Ark, Franklin Templeton and Invesco Galaxy.
However, approval of companies’ S-1 filings remains pending.
ETH is trading at $3,738 at the time of writing. The second-largest crypto asset by market capitalization is up nearly 24% over the past seven days.
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