10x Research said in its latest market analysis that if the price of Bitcoin climbs above $72,000 ($71,946), it could break new highs. However, over-allocation to Ethereum (leveraged) futures could lead to a negative impact on Bitcoin, and Bitcoin is more favored than Ethereum (BTC fell 5% last week and ETH fell 9%).
Comments by Gary Gensler, chairman of the US SEC, that it will take time for the Ethereum ETF S-1 to be approved seem more likely to start unwinding leveraged long positions rather than re-pricing Wall Street's interest rate expectations. Enthusiasm around the Ethereum ETF has dropped significantly, and the ETH/BTC exchange rate continues to move downward.