Criticism of Ethereum from the analyst: "I wish it hadn't started in 2024!"

Capriole Investments founder Charles Edwards said that Spot Ethereum ETFs emerged in a weak market and could risk Bitcoin in the future.

Charles Edwards believes that spot Ethereum exchange-traded funds (ETFs) may have been launched too early and could pose a risk to Bitcoin price if no new capital enters the market. The founder of Capriole Investments told Cointelegraph, 'It would be better if there were only BTC ETF in 2024.'

Bitcoin is superior to Ethereum

According to Farside data, approximately $17.53 billion has been invested in 11 products since the launch of spot Bitcoin ETFs on January 11. According to TradingView data, Bitcoin's dominance has remained fairly stable since the launch of Ether ETFs on July 23, increasing by 0.07% in the past 24 hours.

While there was a net outflow of $78 million recorded on July 23rd for spot Bitcoin ETFs (the first trading day for spot Ether ETFs), the following two days saw inflows of $44.5 million and $31.1 million, respectively. However, Edwards believes that launching spot Ethereum ETFs in a weak market could cause confusion.

According to CoinMarketCap data as of the writing of this article, the price of Ether has dropped by 9.2% since the launch of spot Ether ETFs on July 23rd. The value of Ether has declined slightly against Bitcoin, dropping by 10.4% in the past seven days. According to CoinGlass, if the price of Ethereum reaches $3,500, there will be a liquidation of a $1.32 billion short position. Futures traders are eagerly awaiting short-term movements.

This article does not contain investment advice or recommendations. Every investment and trading activity carries risks, and readers should conduct their own research when making decisions.