A prominent cryptocurrency trader believes that the approval of a spot Ethereum (ETH) exchange-traded fund (ETF) in the United States could cause altcoins to skyrocket. The trader, known as the Flow Horse, shared his thoughts with his 216,300 followers on the social media platform X, stating that a spot ETH ETF would lead to even more excitement in the crypto markets. He remarked, “I was planning to relax and take it easy during the summer, but if an ETF for ETH gets approved, things are going to get really intense.”

The Flow Horse also highlighted the positive position of Dogecoin (DOGE), a popular meme asset. He mentioned that DOGE has been performing well and is currently in a favorable position. At the time of writing, DOGE is trading at $0.169, experiencing an increase of almost 11% in the past 24 hours, ranking it as the ninth-largest cryptocurrency by market capitalization.

Additionally, the trader drew attention to the Ethereum open interest chart, describing it as “remarkably volatile.” He advised caution and suggested that some traders may want to reduce their leverage. He explained that the most optimistic short-term scenario would be if passive sellers failed to adjust quickly enough and are now facing losses.

As for the current price of ETH, it is trading at $3,749, showing a significant increase of nearly 20% in the past 24 hours. ETH holds the second position in terms of market capitalization.

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