Venture capitalist Arthur Cheong says that Ethereum (ETH) could go on a massive rally if one possible scenario plays out.
The DeFiance Capital founder and CEO tells his 151,900 followers on the social media platform X that if BlackRock succeeds with its application for a spot Bitcoin (BTC) exchange-traded fund (ETF) the financial giant may apply for a spot Ethereum ETF next.
He predicts a BlackRock application for a spot ETH ETF could happen within the year and that it would send Ethereum soaring.
“ETH is probably the best six to 12 month long among large-cap assets now when BlackRock applies for spot ETH ETF six to 12 months down the road.
Ethereum’s ESG (environmental, social, and governance) friendliness and native staking yield will be appealing to institutional investors should BTC spot ETF turn out to be a success.”
However, he says that the ETH/BTC trading pair is likely to remain in a correction for at least six months before Ethereum starts to make gains against the king crypto.
“Does that mean ETH/BTC have bottomed? Probably not yet as all short-term focus will be on BTC combined with halving April next year. This is something that might pick up post BTC halving.”
ETH/BTC is trading for 0.0526 BTC ($1,771) at time of writing.
He notes that crypto is potentially one of the best investments due to its global reach.
“The biggest lesson from the past 10-15 years of financial market is the best investments to own are generally assets that attract global demand in nature and ideally US dollars denominated. What other assets attract global demand and USD denomination besides US equities and fixed incomes? Crypto.”
Lastly, he suggests that Solana (SOL) is poised for a correction after a big rally and he suggests other altcoins may start breaking out next.
“Most of the market attention is on SOL but there are some names that are not that far behind with way less attention and not as overbought. Will we see follow-through? Definitely feel some of the animal spirits are back to the market though.”
Solana is trading for $30.21 at time of writing, retracing from the day’s high of $32.27.
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The post This Ethereum (ETH) Play Could Front Run BlackRock, According to Crypto Veteran Arthur Cheong appeared first on The Daily Hodl.
