Andrew Kang: ETH/BTC exchange rate may fall to 0.04 or lower

Andrew Kang, co-founder of Mechanism Capital, said in a post on X that ETH's rebound before the ETF's listing has peaked at nearly $3,600. Excluding delta-neutral fund flows, the actual net inflow of ETFs yesterday was negative, and there was a possibility of a rapid withdrawal of about $4-5 billion in preemptive funds and leveraged funds. The ETH/BTC price ratio may fall to 0.04 or lower. If it falls to this level, ETH will no longer be an attractive hedging tool.