Technical analysis by TheArabianWhale about Symbol BTC: Buy recommendation (6/8/2024)

Market Update 📊: Bullish Crypto and Extremely Bullish ETHEthereum (ETH) is projected to reach $6,000 by the end of the year or possibly sooner.ETH ETF Trade:- ETFs have the potential to accumulate over 1 million ETH.- Currently, 3.3% of ETH’s circulating supply is held in investment vehicles globally.Trend Analysis:- ETH investment vehicle flows have been declining steadily since November 2021.- This decline mirrored Bitcoin (BTC) flows until the U.S. spot ETF hype began.- Investment flows have remained stagnant for the past 2.5 years.- A significant trend shift is anticipated following the launch of U.S. spot ETH ETFs.Forecast for U.S. Spot ETFs:- Expected Net Inflows: $4 billion in the first five months.- Basis of Estimate: - Relative global ETH AUM market share compared to BTC: 28%. - Comparison between CME’s ETH Open Interest (OI) and BTC: ETH currently at 23%. - Benchmarking against cumulative spot BTC ETF inflows of $13.8 billion.Projected Inflows:- Estimated Net ETH Inflows: $3.1 billion to $4.8 billion.- Equivalent to: 750,000 to 1,000,000 ETH.- Represents: 0.65-0.85% of ETH’s circulating supply.Market Dynamics and OutlookEstimated inflows of $4 billion to ETH and approximately $3 billion of sell-side pressure in BTC (due to Mt. Gox releases) favor ETH/BTC strength over the summer. While ETH/BTC has been on a linear downtrend for the past two years, the imminent positive catalyst for ETH and corresponding negative catalyst for BTC suggest a potential breakout.Periods of ETH outperformance tend to be short-lived but very strong. In 2021, ETH's significant outperformance against BTC occurred in a seven-week period from late March to mid-May. Given the current setup, ETH is positioned for summer strength. With the ETH/BTC ratio at 0.054, taking a long position on ETH versus BTC is considered advantageous.