Bitcoin and Ethereum Face a 'Wall of Worry' Despite ETF Launches

Crypto analyst Teng Yan believes Bitcoin (BTC) and Ethereum (ETH) are likely to face challenges in the coming weeks, despite the anticipated launch of Ethereum ETFs. He points to decelerating Bitcoin ETF flows and a slower-than-expected increase in institutional sales as potential bearish factors. Yan also highlights that Ethereum ETF flows might be minimal initially, and could be further impacted by outflows from ETHE redemptions. Additionally, the lack of increased Open Interest (OI) on Ethereum following the ETF announcement suggests a lack of traditional financial interest. While Yan remains optimistic about the long-term prospects of crypto, he acknowledges the potential for a 10-20% correction in the Nasdaq, which could negatively impact both Bitcoin and Ethereum. He also notes the low sentiment in crypto Twitter and the divisions among top influencers. Despite these challenges, Yan believes that Bitcoin and Ethereum will eventually climb a 'wall of worry' in the coming weeks, as the market gradually adapts to the new landscape.