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Crucial Negative Ethereum ETF Statement Made by Samson Mow, Here’s His Message

Thu, 30/05/2024 – 8:43

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Samson Mow, a vocal Bitcoin supporter and boss of the Bitcoin-focused company Jan3, continues to criticize Ethereum and all other altcoins, praising Bitcoin as the only worthy digital currency.

This time, he took to his X (formerly known as Twitter) handle to talk about the recently approved spot Ethereum ETFs and bash them too.

“S-coins do not help Bitcoin”

The topic of Mow’s tweet published earlier today was “s-coins” as Bitcoin maximalists like to refer to altcoins, showing there disapproval. Commenting on the spot Ethereum ETF approval that took place last week, Samson Mow said that “s-coins do not help Bitcoin” and “there still is no second best” for him.

The Bitcoin maximalist believes that spot Ethereum ETFs (“securitized ETH” as he put it) are facing no demand at the moment and that Bitcoiners are not going to rethink their models because of those spot Ethereum ETFs. Last week, Mow tweeted that it was investors’ “last chance to sell ETH above 0.05 BTC.”

Mow opposes Michael Saylor

Making this statement about Ethereum ETF not helping Bitcoin, Mow sort of opposes the statement of Bitcoin evangelist and MicroStrategy founder Michael Saylor. During a recent interview, Saylor, whose company has been buying Bitcoin monthly and putting it on its balance sheet, said he believes the spot Ethereum ETF approval may be good for BTC.

Saylor explained that this positive SEC decision on Ethereum makes the entire asset class bigger and it can help attract more money into Bitcoin itself.

Related

BlackRock surpasses Grayscale Bitcoin ETF

Analytics on-chain data account @lookonchain has shared that on May 29, spot Bitcoin ETFs have seen another significant inflow, adding 2,075 BTC in total. This amount of Bitcoin is valued at more than $140.8 million.

The largest amount of BTC was grabbed by BlackRock – 1,503 BTC worth $102+ million. Fidelity added 503 BTC, VanEck acquired 206 BTC. Grayscale saw an outflow of 47 Bitcoin. By now BlackRock has surpassed Grayscale as the largest spot Bitcoin ETF holding $19.59 billion in Bitcoin versus Grayscale’s $19.6 billion.

Over the past 24 hours, Bitcoin added 1.35%, rising above the $68,000 price level. However, this marginal rise was followed by a pullback that took the world’s flagship cryptocurrency back to $67,430 – that is $200 higher than the point from which Bitcoin rose yesterday.

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