Investors Mt. Gox, the US government and the German government While panic selling in BTC amid Bitcoin moves Bitcoin The bears and bulls took control.

This is also BTC This caused the price to fall to the $53,400 levels seen in February. This decline also affected altcoins, with the largest altcoin Ethereum It fell 9% to $2,850.

This decline in ETH came on the days when SEC’s S-1 approval was awaited for spot ETFs. Bloomberg analyst James Seyffart and ETF Store president Nate Geraci expect the SEC to approve the S-1 filings on July 15.

As the possible approval date approaches Bitcoin and Ethereum from Bloomberg senior ETF analyst Eric Balchunas evaluation has arrived.

Speaking to Cointelegraph, Eric Balchunas said that upcoming spot Ethereum ETFs could be disappointing when compared to the record-breaking inflows of spot Bitcoin ETFs.

At this point, the analyst ETH ETFs BitcoinHe claimed that it could be a help for BTC by falling behind.

Balchunas stated that it is easier for investors to understand the advantages that Bitcoin offers as digital gold, “Ethereum is more like a tech stock than BTC, which makes it harder for traditional retail investors to understand ETH.” said.

“Bitcoin and Ethereum are already moving together.

However, Ethereum is harder to explain to investors than Bitcoin, so I think ETH ETFs will also lag behind the record inflows in BTC ETFs.

“I see ETH as just a supporting actor to Bitcoin.”

As you may remember, Gary Gensler, Chairman of the US Securities and Exchange Commission (SEC)announced in late June that preparations for the spot Etheruem ETF were progressing smoothly. However, Gensler ETH He did not say whether the ETFs would begin trading before the November U.S. election.

*This is not investment advice.

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