‘$1 Million Bitcoin’ Advocate Samson Mow Reveals Last Chance to Sell ETH

Samson Mow, former Blockstream CSO and now the chief executive officer at a Bitcoin adoption-focused company Jan3, is a radical Bitcoin maximalist.

As the day of the SEC when it is due to reveal its decision on spot Ethereum ETFs is drawing closer, Mow began to slam Ethereum-based ETFs. In a recent tweet, this “$1 million Bitcoin” advocate wrote that he is expecting them to be beaten by Bitcoin-based ones.

Besides, he believes now it is the last time for holders to sell Ethereum at a good price against Bitcoin.

“Last chance to sell ETH above 0.05 BTC”

Samson Mow tweeted that he does not believe that a potential approval of Ethereum funds by the SEC regulator is bullish, since, per him, even if approved spot Ethereum-based ETFs will “undoubtedly massively underperform Bitcoin ETFs.”

For those who are in doubt, the Bitcoin maximalist suggested comparing demand for both BTC and ETH in other markets and said it is important to consider that Ethereum will not give staking rewards.

Mow concluded his tweet by saying that now it is “the last chance to sell ETH above 0.05 BTC.”

Ethereum spot ETF approvals are not bullish as they will undoubtedly massively underperform #Bitcoin ETFs. Compare demand in other markets where both exist, and factor in that they will not give staking rewards. This is the last chance to sell ETH above 0.05 BTC.

— Samson Mow (@Excellion) May 22, 2024

In the comments to his root tweet, Samson added that he expects the news of the potential approval to become one of the biggest “sell the news events” this year.

When a commentator pointed out that there is no company of the scale like MicroStrategy which is acquiring Ethereum now in the same amounts as Michael Saylor’s company is accumulating Bitcoin.

Contrary to Mow, Bitcoiner and VC investor Anthony Pompliano believes that a potential approval of Ethereum ETFs by the SEC would become “the last dam to be broken” before the US approves the entire cryptocurrency space.

Bitcoin ETFs keep seeing inflows

Analytics account on X @spotonchain has revealed a recent update on spot Bitcoin ETF flows. On May 22, these funds encountered $154 million in net inflows. This metric has been positive for the last eight consecutive days – this has not been seen since the middle of March, the report emphasized.

The BlackRock fund remains the leader among the ETFs with $92 million coming into it on Wednesday. On May 21, BlackRock’s IBIT had the largest inflow over the past 32 trading days – $291 million.

🚨 $BTC #ETF Net Inflow May 22, 2024: +$154M!

• The net inflow has been positive for 8 consecutive trading days, a streak that has not been observed since Mar 15.

• #Grayscale (GBTC) experienced a small single-day outflow of $16.1M again after 5 days.

• #BlackRock (IBIT)… pic.twitter.com/dp8s1dLP1Z

— Spot On Chain (@spotonchain) May 23, 2024

Source