We roll in more than one way. First, the crypto market has seen substantial gains in the past week, particularly Bitcoin, which is now trading at $67,000 for the first time since mid-June, having previously traded as low as $53,500.

Please do not make the mistake of thinking that we cannot go higher in the near future. Let us reiterate the bullish outlook we have put forward in what feels like forever. In the slightly more than five months remaining this year, we will experience an increase in macroeconomic liquidity, likely the first interest rate cut by the U.S. Federal Reserve, a clear regulatory framework with the European Union’s MiCA, steadily declining exchange balances, strong seasonal trends, perhaps robust Bitcoin ETF inflows, a period post-fourth Bitcoin halving when Bitcoin has always thrived, every major bank experimenting with on-chain Real-World Assets (RWAs), and in November, the likely election of the first U.S. pro-crypto President. Not to mention, Ethereum will also have U.S.-based spot ETFs.

In other words, we are going much higher.

On that note, this leads us to the second way we roll, namely on the Ethereum spot ETFs. It appears highly likely that the issuers’ S-1 filings will be approved today, with ETFs launching as early as tomorrow. As we mentioned in Crypto Moves #34, we are extremely bullish on Ethereum ETFs, anticipating a net inflow of $15 to $20 billion in the first 12 months.

The points in that piece still hold true, but we have collected a few more charts to emphasize this view, especially that the ETH/BTC ratio is greatly undervalued. This is particularly evident after Bitcoin’s surge in the past week, while Ethereum’s gains have been more modest.