Arthur Cheong, a seasoned investor in the cryptocurrency space, is making a bold prediction about Ethereum (ETH) and its potential for a rally. As the founder of DeFiance Capital, he is followed by a substantial audience of 167,400 on the social media platform X. Cheong believes that Ethereum could experience a surge of nearly 14% in value before spot ETH exchange-traded funds (ETFs) become available to investors.
This anticipation stems from the recent approval by the U.S. Securities and Exchange Commission (SEC) for spot market Ethereum ETFs to be listed, thus opening the doors for trading on various U.S. stock exchanges. Cheong confidently states that he expects Ethereum to reach $4,500 before spot ETFs are officially launched.
In addition, Cheong predicts that the demand for spot ETH ETFs from retail investors will likely rival that of spot Bitcoin (BTC) ETFs, which were introduced earlier this year. He notes that more than 70% of spot BTC ETFs are currently held by retail investors. Drawing from his own experience as a retail investor, he recalls that Ethereum was the first cryptocurrency he purchased, and he believes that many others were attracted to it during the 2017 crypto boom. Cheong emphasizes that the decentralized technology layer powering the web 3.0 economy will undoubtedly excite retail investors.
Matt Hougan, the chief investment officer of Bitwise, a crypto fund manager, recently made a similar prediction, stating that investor inflows into ETH ETFs could amount to billions of dollars and potentially push Ethereum beyond its previous all-time high of approximately $4,900, which was reached in November 2021.
As of now, Ethereum is trading at $3,957, showing an increase of over 3% within the past 24 hours.
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