Analyst DonAlt, who has been an important figure in the cryptocurrency markets recently, announced that there has been a significant change in his attitude towards Bitcoin. The analyst, who goes by the nickname “DonAlt” in the cryptocurrency community and has a wide following, is often known for his valuable predictions regarding Bitcoin and other crypto assets.
However, recent developments and news seem to have shaken DonAlt’s optimism about Bitcoin. The analyst expressed concern, especially over rumors that BlackRock might file for a spot market exchange-traded fund (ETF) for Ethereum. brought. According to DonAlt, such a filing could negatively impact the demand for Bitcoin along with the growing interest in Ethereum.
These concerns of DonAlt have attracted attention among a wide audience of cryptocurrency investors, because the application of a large asset management company like BlackRock for an Ethereum-focused ETF could cause significant changes in the cryptocurrency market. According to DonAlt, this could direct investments from Bitcoin to the altcoin, which could push the price of Bitcoin down.
“This stole the bid from BTC but turned ETH from the worst cryptocurrency to buy back into a good bet and ended my bad ETH struggle. While I expect less bullish sentiment on BTC, I expect less bearish sentiment on ETH.
NEWS CONTINUES BELOWI can say that it is generally negative. BTC and ETH have a very similar buyer base. It’s much better when we have a clear narrative for one without the other and play the rotation game. “In general, Bitcoin is no longer at full bull level, in my opinion, the market has become even more dangerous.”
DonAlt, who took a long position in Bitcoin last month, also announced that he closed this position with a profit of nearly 40%. However, the analyst is currently abandoning his belief in Bitcoin and adopting a strategy towards a more promising crypto asset such as Ethereum. DonAlt sees the future potential of Ethereum as higher and therefore announced that he has changed his investment portfolio:
“Discount sale, I sold most of the BTC I bought at $27,000 here for $37,500. “I bought a much smaller ETH position, based on recent news we can expect this to outperform for a while even if BTC struggles.”
At the time of writing, Bitcoin is trading at $37,107 while ETH is trading at $2,047.
This changing attitude of DonAlt points to rapid changes in the altcoin market and dynamic conditions where investors need to constantly update their strategies. News about crypto assets and decisions of major players can affect the overall outlook of the market. Therefore, investors carefully follow the statements of important figures similar to DonAlt’s analysis and try to adapt their strategies accordingly.
You can follow the current price movement here.