Crypto Investor Holds Strongly Bullish Position on Ethereum, Unfazed by Dip Beneath $3,400 Mark

<div>
    <p>
        <a target="_blank" href="https://www.newsbtc.com/news/bitcoin/why-bitcoin-bottom-is-in-new-highs-imminent/">
            <span style="font-weight: 400" class="amp-wp-668e0a1">Cryptocurrency expert Duncan</span>
        </a>
        <span style="font-weight: 400" class="amp-wp-668e0a1"> has articulated his position of being "strongly bullish" on Ethereum (ETH) despite its </span>
        <a target="_blank" href="https://www.newsbtc.com/news/ethereum/ethereum-price-drops-3200/">
            <span style="font-weight: 400" class="amp-wp-668e0a1">recent downturn to about $3,400</span>
        </a>
        <span style="font-weight: 400" class="amp-wp-668e0a1">. He points to the potential impact of </span>
        <a target="_blank" href="https://bitcoinist.com/spot-ethereum-etf-expert-potential-launch/" rel="nofollow">
            <span style="font-weight: 400" class="amp-wp-668e0a1">Spot Ethereum Exchange-Traded Funds (ETFs)</span>
        </a>
        <span style="font-weight: 400" class="amp-wp-668e0a1">, which he anticipates may ignite a considerable surge in ETH value.</span>
    </p>
    <h2>Ethereum Might Witness a Notable Positive Price Adjustment</h2>
    <p>
        <span style="font-weight: 400" class="amp-wp-668e0a1">On an X (previously Twitter) </span>
        <a target="_blank" href="https://x.com/FloodCapital/status/1806126316678271014" rel="nofollow">
            <span style="font-weight: 400" class="amp-wp-668e0a1">update</span>
        </a>
        <span style="font-weight: 400" class="amp-wp-668e0a1">, Duncan expressed his view that the current market sentiment is </span>
        <a target="_blank" href="https://bitcoinist.com/bitcoin-ethereum-put-call-ratio-retreating-in-june/" rel="nofollow">
            <span style="font-weight: 400" class="amp-wp-668e0a1">overly pessimistic</span>
        </a>
        <span style="font-weight: 400" class="amp-wp-668e0a1">. He suggests that Ethereum could experience a "notable upside price adjustment" if the </span>
        <a target="_blank" href="https://bitcoinist.com/green-light-ahead-for-ethereum-etf-gary-gensler/" rel="nofollow">
            <span style="font-weight: 400" class="amp-wp-668e0a1">inflow of funds into Spot Ethereum ETFs</span>
        </a>
        <span style="font-weight: 400" class="amp-wp-668e0a1"> proves positive. Duncan shares his outlook on why the Spot Ethereum ETFs will likely prosper, defying any skepticism.</span>
    </p>
    <p>
        <span style="font-weight: 400" class="amp-wp-668e0a1">He first acknowledges that </span>
        <a target="_blank" href="https://www.newsbtc.com/news/bitcoin/institutional-buyers-of-bitcoin/">
            <span style="font-weight: 400" class="amp-wp-668e0a1">investment firms</span>
        </a>
        <span style="font-weight: 400" class="amp-wp-668e0a1"> recognize cryptocurrency ETFs as an emerging area with the potential to yield billions in management fees over a decade. He references BlackRock's record-breaking launch with its </span>
        <a target="_blank" href="https://bitcoinist.com/bitcoin-tidal-wave-blackrock-etf-leads-inflows/" rel="nofollow">
            <span style="font-weight: 400" class="amp-wp-668e0a1">Spot Bitcoin ETF</span>
        </a>
        <span style="font-weight: 400" class="amp-wp-668e0a1">, which reportedly brings in $45 million annually in fees only half a year since its debut.</span>
    </p>
    <p>
        <span style="font-weight: 400" class="amp-wp-668e0a1">Drawing from this, Duncan believes that the Spot Ethereum ETFs represent another extensive chance for asset managers to introduce a product possibly mirroring the success of the Spot Bitcoin ETFs, potentially accruing hundreds of millions in fees. He argues that the potential revenue of the Spot Ethereum ETFs is on par with that of the Bitcoin ETFs, considering base management fees and the prospective staking yield.</span>
    </p>
    <p>
        <span style="font-weight: 400" class="amp-wp-668e0a1">Duncan refers to an interaction with </span>
        <a target="_blank" href="https://bitcoinist.com/crypto-when-dogecoin-does-this/" rel="nofollow">
            <span style="font-weight: 400" class="amp-wp-668e0a1">Scott Melker</span>
        </a>
        <span style="font-weight: 400" class="amp-wp-668e0a1"> and VanEck's digital asset strategist, </span>
        <a target="_blank" href="https://bitcoinist.com/first-spot-solana-etf-filing-officially-submitted/" rel="nofollow">
            <span style="font-weight: 400" class="amp-wp-668e0a1">Matthew Sigel</span>
        </a>
        <span style="font-weight: 400" class="amp-wp-668e0a1">, to illustrate the optimistic anticipation investment managers have for the proposed Spot Ethereum ETFs, predicting increased profits from a subsequent ETH rally.</span>
    </p>
    <h2>Possible New Growth Narratives for Ethereum via ETFs</h2>
    <p>
        <span style="font-weight: 400" class="amp-wp-668e0a1">Countering viewpoints like those of </span>
        <a target="_blank" href="https://www.newsbtc.com/news/ethereum/will-ethereum-skyrocket-analyst-predicts-6000-september/">
            <span style="font-weight: 400" class="amp-wp-668e0a1">Andrew Kang</span>
        </a>
        <span style="font-weight: 400" class="amp-wp-668e0a1">, who suggest Ethereum lacks a compelling narrative that could undermine the success of Spot Ethereum ETFs, Duncan claims that firms like BlackRock and VanEck could "directly initiate the narratives." He suggests potential storylines including </span>
        <a target="_blank" href="https://www.newsbtc.com/news/why-blackrock-could-bet-on-this-rwa-token-crypto/">
            <span style="font-weight: 400" class="amp-wp-668e0a1">BlackRock's Real World Assets (RWA) on the blockchain</span>
        </a>
        <span style="font-weight: 400" class="amp-wp-668e0a1">, </span>
        <a target="_blank" href="https://bitcoinist.com/bitcoin-etf-issuer-vaneck-dives-stablecoin-market/" rel="nofollow">
            <span style="font-weight: 400" class="amp-wp-668e0a1">VanEck's venture into stablecoins</span>
        </a>
        <span style="font-weight: 400" class="amp-wp-668e0a1">, or their "open app store" concept. Duncan believes that blending these narratives with strong inflows and Ethereum's inherently responsive traits could lead to an "impressive ETH price surge."</span>
    </p>
    <p>
        <span style="font-weight: 400" class="amp-wp-668e0a1">While acknowledging that this process may require time, Duncan considers it short-sighted to presume that these investment firms will not leverage considerable efforts to attract capital to their Spot Ethereum ETFs.</span>
    </p>
    <p>
        <span style="font-weight: 400" class="amp-wp-668e0a1">In a similar vein, cryptocurrency observer </span>
        <a target="_blank" href="https://bitcoinist.com/bitcoin-could-retrace-to-9000-if-it-breaks-below-this-one-key-level/" rel="nofollow">
            <span style="font-weight: 400" class="amp-wp-668e0a1">Tyler Durden</span>
        </a>
        <span style="font-weight: 400" class="amp-wp-668e0a1"> agrees, recently asserting the prospective ascent of Ethereum to $10,000 as an "exceptionally asymmetric opportunity" within the sphere. He contends that given the intense efforts Wall Street is putting to obtain authorization for the Spot Ethereum ETFs, they will generate substantial profits while potentially driving up ETH's price.</span>
    </p>
    <figure class="wp-caption aligncenter amp-wp-6cc3263" style="width: 3286px">
        <amp-img class="size-medium amp-wp-enforced-sizes i-amphtml-layout-intrinsic i-amphtml-layout-size-defined" src="https://www.tradingview.com/x/NtTA1Nty/" alt="Graph of Ethereum price" width="3286" height="1576" layout="intrinsic">
            <i-amphtml-sizer slot="i-amphtml-svc" class="i-amphtml-sizer">
                <img alt="" aria-hidden="true" class="i-amphtml-intrinsic-sizer" role="presentation" src="data:image/svg+xml;base64,PHN2ZyBoZWlnaHQ9IjE1NzYiIHdpZHRoPSIzMjg2IiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciIHZlcnNpb249IjEuMSIvPg=="/>
            </i-amphtml-sizer>
            <img loading="lazy" decoding="async" src="https://www.tradingview.com/x/NtTA1Nty/" alt="Graph of Ethereum price" width="3286" height="1576"/>
        </amp-img>
        <figcaption class="wp-caption-text">ETH price above $3,400 | Source: <a target="_blank" href="http://Tradingview.com" rel="nofollow">ETHUSDT on Tradingview.com</a></figcaption>
    </figure>
    <p>Image digitally generated by Dall.E, chart courtesy of Tradingview.com</p>
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