Bitfinex Analysts Say Crypto ETFs Needed for Altcoin Market Rally
Altcoins are experiencing selling pressure, hindering the onset of an altcoin season despite a broader crypto market rally. Analysts suggest that significant price movements will not occur until spot crypto ETFs receive approval.
Current Market Insights
- Bitcoin's dominance has decreased by 6% in the last month.
- Bitfinex analysts predict no major market rally until late this year when Bitcoin inflows recover and new investment vehicles for altcoins appear.
- Market conditions show a weaker risk appetite, contrasting with previous all-time high surges.
- Michaël van de Poppe warns of potential corrections in Ethereum and altcoins, advising to buy dips between $3,500-$3,750.
Upcoming Crypto ETFs
- US asset managers have filed for several crypto ETFs targeting altcoins like XRP, Solana, Cardano, HBAR, and Dogecoin.
- Spot Bitcoin ETFs have been active for 19 months; spot Ethereum ETFs for 13 months, both attracting significant inflows.
- The SEC has delayed decisions on various cryptocurrency ETF applications, including proposals from Truth Social and 21Shares.
- Canary Capital has submitted a proposal for an “American-Made Crypto ETF” focusing solely on US-developed cryptocurrencies.