He was undoubtedly one of the best analysts of 2022. We can even say he was the best analyst because he was convinced of the decline. However, he paid dearly, both financially and emotionally, for not being convinced of the rise the following year. The targets he set in 2022 (just like PlanB’s opposite predictions at the end of 2021) were realized one by one, and the price fell to $15,500. However, his last prediction of a deeper dip did not come true.
Capo and Crypto Comments
While Capo was expecting a new BTC low towards $12,000, he couldn’t be convinced of the rise until the last quarter of the past year. While BTC surpassed $40,000, he continued to argue that we were in the midst of one of the biggest bull traps in history (as he had said in every rise since $15,500). Now, although he is convinced of the rise, he continues to appear with every drop.
Capo, who has started to share market updates more frequently due to his changed position, said the following in today’s assessment:
“Today, the stock market is closed due to Memorial Day. Crypto never closes. This week is not very interesting in terms of events, but we can still see some interesting movements. After the ETF approval, ETH continues to perform better than the rest of the market. ETH/BTC is very strong, and many ALTS/BTC seem to be forming a local bottom. If BTC stays above $60,000, we should see altcoins providing very good returns, which was the main plan weeks ago. Memecoins are leading, and there should be other interesting sectors: AI, RWA, Ethereum ecosystem, Solana ecosystem.”
The core PCE data coming on Friday could trigger a nice upward attack period for crypto if it favors the decline in inflation.
Spot ETH ETF Approval
Last week, the SEC suddenly approved spot Ethereum ETFs. After months of negative approach to the issue, the SEC suddenly gave approval, and everyone thinks it is for political reasons. While Trump embraces crypto investors, Biden has fallen far behind, which is not in his favor. Among young people, anti-crypto sentiment has started to become a reason not to vote for the candidate, according to recent polls.
The SEC approved the 19b-4 forms of eight applicants, including Grayscale, Bitwise, BlackRock, VanEck, Ark 21Shares, Invesco, Fidelity, and Franklin, on May 23. Before that, it requested the removal of the staking feature from the files. This means ETF investors will not gain staking benefits from the ETH in reserves, and issuers will not use their reserve assets to become validators.
Last week, Geoffrey Kendrick from Standard Chartered Bank said he expects Solana and XRP ETFs to be approved in 2025. Jaret Seiberg from TD Cowen expects a spot ETF that includes many altcoins. JPMorgan, however, does not see this as likely under current conditions.
