As the crypto market continues consolidating on Wednesday, altcoins show mixed signals ahead of the spot ETH ETF launch.
A notable Whale sold off holdings after a failed bet on Ethereum ecosystem tokens. Current cycle may not see alt season due to changes in market dynamics. Spot ETH ETF launch could cause a rally in altcoins due to their high correlation with Ethereum . Many have predicted that the alt season may not occur in this cycle following the market lull. However, two key metrics suggest otherwise.
Most of the activity happened on $ETH and Ethereum DeFi coins But now there are probably 300 decent projects. There is not enough liquidity for all of them to pump, noted crypto trader @Route2Fi in an X post on Wednesday. Remember there are a lot more tokens with utility on the market today than in 2021. Every week now 3-5 quality coins are added to the market. Total market cap goes up, and everyone seems happy. But ask yourself who is going to buy all these tokens.
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