I just realized that Crypto Total 2 Marketcap has been led by ETH marketcap 🥲
I wondered why Crypto Total 2 Marketcap[Excluding BTC(Bitcoin) marketcap] was still bearish. So, I compared it and ETH(Ethereum) marketcap.
The above chart is a monthly candlestick chart. They look almost same. Why?
I think it's related to ETH dominance of all De-Fi(Decentralized Finance) TVL(Total Value Locked). ETH is still going ahead.
In July 2024, Spot ETH ETFs were approved by the U.S. SEC(Securities and Exchange Commission). In the beginning, net inflows were minus. Over time, it changed to plus, which led ETH price was about to break 2021 ATH(All Time High). Unfortunately, it failed.
ETH had bleded during this winter. Recently, it stopped. What does it need for the next positive ETH price movement?
I think the answer is staked ETH ETF. The crypto regulatory environment has become more pro-crypto.
I expect spot staked ETH ETF will likely be approved by the SEC this year. If it occurs, spot staked ETH ETF can distribute staking rewards for investors, which can lead to attract more smart money.
So, I assume that staked ETH ETF might be a key of the next 3rd altseason 🤔 I ain't f selling!!! 💎🙌