03 Oct 2023
October Outlook: More Chop AheadA lackluster futures-based ETH ETF launch and a dearth of compelling narratives in Ethereum favor reduced ETH exposure. I anticipate ongoing October consolidation, extending the BTC accumulation window as medium-term fundamentals remain solid.
After an underwhelming futures-based ETH ETF launch, continuously poor momentum, and a lack of compelling medium-term narratives in Ethereum, I no longer favor overweight ETH exposure. The gravitational pull in crypto for the time being stays in BTC, with a promising event horizon down the line, still favoring aggressive accumulation. However, early spot ETF delays and shallow activity point towards a prolonged consolidation period and a less hectic October than initially anticipated.