What to expect from altcoins as ETH ETF approval draws closer

A notable Whale sold off holdings after a failed bet on Ethereum ecosystem tokens. Current cycle may not see alt season due to changes in market dynamics. Spot ETH ETF launch could cause a rally in altcoins due to their high correlation withEthereum. Many have predicted that the alt season may not occur in this cycle following the market lull. However, two key metrics suggest otherwise.

Most of the activity happened on $ETH and Ethereum DeFi coins But now there are probably 300 decent projects. There is not enough liquidity for all of them to pump, noted crypto trader @Route2Fi in an X post on Wednesday. Remember there are a lot more tokens with utility on the market today than in 2021. Every week now 3-5 quality coins are added to the market. Total market cap goes up, and everyone seems happy. But ask yourself who is going to buy all these tokens.

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