Galaxy Digital Founder: Four Catalysts May Drive Continued Recovery of ETH/BTC Exchange Rate

Mike Novogratz, the founder of Galaxy Digital, posted on the X platform stating that the ETH/BTC exchange rate experienced a year-long decline and reached a monthly annual low in early 2024. After the SEC approved a spot-based BTC ETF, the exchange rate saw a significant breakthrough. It is too early to determine whether the breakthrough (over 20%) is a short-term trend or a long-term reversal. However, Ethereum is poised for several catalysts that may influence the exchange rate: 1) The upcoming network upgrade known as "Dencun" (expected in March or April); 2) The possibility of approval for a spot-based ETH ETF (the first final deadline for SEC approval/rejection is in May); 3) Regulatory developments; 4) Challenges and opportunities brought about by the launch or growth of new competitive or adjacent blockchain networks.