Altcoins Could See Gains as Ethereum ETF Approval Fades, Says Analyst

According to popular crypto analyst Michaël van de Poppe, altcoins may be poised for a surge as hopes for an Ethereum exchange-traded fund (ETF) approval from the U.S. Securities and Exchanges Commission (SEC) this month diminish.

Van de Poppe, who has a following of 717,300 on the social media platform X, believes that altcoins are starting to gain momentum as Bitcoin hovers around the $61,000 mark.

“After bouncing off the crucial area at $61,000, altcoins are waking up. This is the final accumulation period before the big surge.”

At the time of writing, BTC is valued at $60,933, experiencing a 2% decrease for the day.

Taking a closer look at the altcoin Arbitrum (ARB), Van de Poppe suggests that the ETH layer-2 protocol is nearing the end of its correction phase.

“This particular altcoin has undergone a full correction and is now in the final stages. We have seen a significant drop in the past few weeks, which is often followed by a market recovery. In that sense, we are approaching the end of the correction.”

ARB is currently trading at $1.01, down 2% for the day.

Van de Poppe also predicts that the SEC will likely delay or extend the approval of an ETH ETF until July or August of this year.

“There will not be an Ethereum ETF this month. It is probable that there will be a delay or extension of 60 days, during which July/August will be the crucial period for the markets. As for expectations, we can anticipate that the markets will hit bottom in the next 1-2 weeks and rebound from the news.”

ETH is currently valued at $2,914, experiencing a 5% decrease for the week.

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