By Mario Nawfal
After the U.S Securities and Exchange Commission finally approved Ethereum spot ETFs, they recorded over $100 million in inflows in just the first 15 minutes.
After 90 minutes, they saw over $360 million in inflows.
Analysts have predicted that ETH will increase in value due to increased demand from ETFs, and some have also predicted that it will trigger the next altseason.
According to them, the altcoins chart shows similarities to its 2016-2017 performance, suggesting that the next altseason is “brewing.”
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Despite the inflows, Ethereum dropped slightly, struggling to break and hold above the $3,500 level.
Are the ETFs a sell-the-news event, or is this the beginning of the next altseason?