Ethereum‘s (ETH) price, much like a groundhog seeing its shadow, seems to be stuck in an endless winter despite the promise of spring in the form of a $500 million Ethereum ETF investment bonanza.
Analysts at Matrixport, with a keen eye for the obvious, point to increased ETH purchases by the World Financial Liberty, a decentralized finance group tied to President Donald Trump. But even with this Trump-tied tie to Ethereum, the market sentiment remains as lukewarm as a polar bear’s paw in a snowbank.
World Liberty Financial, in its infinite wisdom, plans to create a “strategic reserve” with altcoins they’ve bought. One can only wonder what nefarious plans they have for their digital hoard.
“Without a clear bullish catalyst, ETH prices may continue to struggle, and Ethereum’s market dominance has already dropped to just 10%.”
– Matrixport, because being positive is highly overrated
Meanwhile, the broader altcoin market, including the court jesters Dogecoin (DOGE) and XRP (XRP), as well as Solana (SOL), have been feeling the downward pressure of a lead balloon. The fear and greed index has dropped to 35, its lowest level since October 2024, signaling increasing fear in the market.
And as if that’s not enough, the altcoin season index has fallen to 33, down from 47 at the start of the year. It’s a clear sign that investors are favoring Bitcoin (BTC) over other cryptocurrencies, leaving the rest to fight for the scraps.
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2025-02-10 12:07