Veteran Trader Predicts Bitcoin and Ethereum Will Hit New All-Time Highs

Crypto trader Flood Capital believes the crypto market has bottomed out and is poised for new highs, citing a confluence of factors including recent price action, market structure, and the impact of Bitcoin ETFs. Despite the recent crypto weakness against equities, Flood Capital argues that insider selling related to the Mt. Gox event is already factored into the market. The trader also highlights the extreme negative sentiment in the crypto community as a bullish indicator, suggesting that this pessimism sets the stage for a potential rally. Flood Capital emphasizes the structural differences between the current market and that of 2021, noting that new capital is primarily flowing into Bitcoin through ETFs, which creates a trickle-down effect on altcoins. The trader is particularly optimistic about the potential impact of Ethereum ETFs, arguing that BlackRock's successful Bitcoin ETF will likely lead to aggressive promotion of its Ethereum product. Flood Capital has taken significant long positions in Ethereum and Toncoin, believing that once Bitcoin and Ethereum break their all-time highs, it will rekindle retail and fund interest in the broader crypto market.