Benzinga – Crypto venture capitalist Andrew Kang sees the delayed Ethereum (CRYPTO: ETH) ETF causing market momentum to shift from upward to downward, particularly due to the lack of acute ETF inflows.
What Happened: Kang points out the effect for the different large cap cryptocurrencies.
Bitcoin
Despite the market’s shift, Kang remains optimistic about Bitcoin’s (CRYPTO: BTC) stability. “I think BTC holds strong and we don’t see lower than $50,000,” he asserts. The weekly chart might suggest a double top to some, but he believes the market structure has evolved significantly.
The presence of more dollar-cost-averaging (DCA) buyers and fewer leveraged players like 3AC, Alameda and Celsius create higher floors and equilibrium points for Bitcoin, enhancing its stability.
Ethereum
Kang predicts that ETH might hold up until the ETF approval…
Read More