Bitcoin and Ethereum have managed to pull crowds with stunning rallies this year. With the approval of their respective spot ETFs, the world’s largest cryptocurrencies are expected to attract billions.
As such, popular analyst Lark Davis has made bold predictions for the top assets.
Bold Predictions For Bitcoin and Ethereum
In a recent tweet, Davis predicted that Bitcoin will soar to $150,000 and Ethereum will reach $15,000, driven by market dynamics. He points to the inflows already seen in spot Bitcoin ETFs, which are attracting hundreds of millions of dollars daily.
Ethereum ETFs are on the cusp of starting trading, expected to further fuel market enthusiasm. Davis said he anticipates a bullish scenario where a peak bull market coincides with massive investments from countries, wealth managers, pension funds, and retail investors, resulting in billions of dollars being funneled into ETFs daily.
This confluence of factors, according to Davis, means current bullish sentiments are likely underestimating the potential growth.
“Imagine the scenes when retail is here, and the bull market is at its peak. When countries, wealth managers, pension funds, and retail will be buying billions of dollars worth of ETFs daily. You are seriously not bullish enough.”
BTC ETFs Hoard 1M BTC; ETH Prepares for Upswing
As of May 24th, the total amount of Bitcoin held by all spot ETFs stands at around 1,002,343 BTC, with a notable proportion allocated to US-based products out of the 32 ETFs currently available. This signals growing mainstream acceptance and institutional interest in cryptocurrencies, particularly in the US.
Moreover, the fact that spot Bitcoin ETFs collectively hold over a million BTC implies increased demand for the asset. As these ETFs acquire and hold Bitcoin, it reduces the available supply in circulation.
With the cryptocurrency’s supply fixed and diminishing due to factors such as halving events, increased institutional interest and investment through ETFs could intensify scarcity, potentially driving up demand and prices further.
Meanwhile, Ethereum’s price failed to challenge the $4,000 resistance, but promising signs are emerging that could cause a much-needed spike, as per the latest price analysis.
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