Bloomberg analysts Eric Balchunas and James Seyffart recently increased their approval odds for the Ethereum Spot ETFs, making approval more likely than ever. This news has already kicked off the altcoin season, considering the price gains Ethereum (ETH) and other altcoins like ETFSwap (ETFS) have recorded in the last 24 hours.
Rise In Ethereum Spot ETFs Approval Odds Triggers Altcoin Season
Ethereum (ETH) and other altcoins have rallied in the last 24 hours following an increase in the approval odds for the Spot Ethereum ETFs. Bloomberg analyst James Seyffart revealed in an X (formerly Twitter) post that he and his colleague James Seyffart had increased their odds for a Ethereum Spot ETF approval to 75% (from 25%).
Balchunas added that they heard rumors that the SEC could potentially turn around and approve these funds due to the “increasingly political issue.” Seyffart also confirmed in an X post that “things are taking a turn for the better” regarding the approval of these Ethereum Spot ETFs.
Crypto analyst Michaël van de Poppe had rightly predicted this would happen when he mentioned that news about the Ethereum Spot ETFs (whether positive or negative) would trigger a rotation of capital into Ethereum (ETH) and other altcoins.
Additionally, crypto analyst Javon Marks had also previously predicted that a significant move for Ethereum (ETH) will be a “major service in many Altcoin progressions.”
Therefore, with the second-largest crypto token still rallying, other cryptocurrencies are expected to make further moves to the upside in the coming weeks as altcoin season kicks off. Crypto analyst Crypto Kaleo suggested that this is just the beginning for Ethereum (ETH) as he stated that the “chart is just getting warmed up.”
ETFSwap (ETFS) Already On The Move
ETFSwap (ETFS) has already seen its value skyrocket following the news about a likely approval of the Ethereum Spot ETFs. The altcoin season will help provide more bullish momentum for the ETFSwap (ETFS) token, which has already seen impressive price surges since launching.
The potential approval of the Ethereum Spot ETFs is also significant for ETFS, the native token of ETFSwap, given the amount of liquidity that could flow into the crypto token thanks to these funds.
ETFSwap (ETFS) is a decentralized finance (DeFi) that tokenizes investment funds like the Ethereum Spot ETFs and makes them available for on-chain trading. The platform is already known to be a better alternative to the centralized trading platforms that traditional finance (TradFi) investors are accustomed to.
For one, ETFSwap (ETFS) offers 24/7 trading, which means that traders can settle their trades at any time of the day instead of waiting for trading hours, which these centralized entities operate under. Furthermore, ETFSwap (ETFS) offers up to 10x leverage on all trades, meaning that investors can maximize their gains, which isn’t attainable with traditional platforms.
Meanwhile, unlike centralized entities like brokers, which are always looking for ways to make gains off their clients, ETFSwap (ETFS) is customer-centric. The DeFi platform has even created a revenue-sharing strategy whereby holders of its native token enjoy a share of the fees earned on the platform.
Bearing this in mind, it is evident that many investors looking to invest in the Spot Ethereum ETFs (if approved) will prefer to do so on ETFSwap (ETFS). That means the millions of dollars that will be invested in these funds will pass through the ETFSwap (ETFS) token. Such an event will further contribute to the parabolic price gains that ETFSwap (ETFS) is already projected to experience.
Crypto experts say that ETFSwap (ETFS) can rise to as high as $20 from its current price of $0.00854, meaning that investors can make up to 20,000x on their initial investment. That explains why crypto investors are going all in on the crypto token with over 65 million ETFSwap (ETFS) tokens sold so far in stage 1 of the ongoing presale.
ETFSwap’s price is expected to double once stage 2 commences, meaning this is the cheapest anyone can ever buy the crypto token. Therefore, time is of the essence as tokens available in stage 1 are fast selling out, making it likely that this presale stage could end sooner than the scheduled end date.
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