Is Bitcoin hype waning? ETH ETF sparks BTC dominance debate

• Bitcoin’s $70K surge seems like a dream as prices and social metrics decline. 
• Michael Saylor’s optimism clashes with market uncertainties.

Amid widespread anticipation, Bitcoin [BTC] surged to $70,000 on the 27th of May, only to retract to $68,101 within 24 hours. This downturn has sparked significant FUD (Fear, Uncertainty, and Doubt), as noted by trader @EmperorBTC in his recent X post. 

Source: Emperor/X

 This was further confirmed by AMBCrypto’s analysis of Santiment’s data on social volume and dominance, which indicated a decline in both metrics. 

Source: Santiment

Execs weigh in…

Shedding light on the same, crypto analysts Wolf took to X and noted, 

“$BTC dominance won’t reach 70%, nor will it reach 60%. It has topped and is heading lower, driven by $ETH strength, which will kickstart the long-awaited Alt Season.” 

Source: Wolf/X

This raises a pertinent question: With the approval of the Ethereum ETF, is BTC’s hype beginning to wane? 

According to Bitcoin maximalist Michael Saylor, the answer is “no”, as can be seen in his recent post on X (formerly Twitter). He said,

“Is this good for Bitcoin or not? It’s good for Bitcoin. In fact, it may be better for Bitcoin because we’re politically much more powerful, supported by the entire crypto industry.”

Is Saylor excessively optimistic? 

However, since the metrics are painting the opposite picture, Saylor’s PoV seems to be too optimistic. Commenting on the same, ‘The Bitcoin Therapist’ in his X post noted,

“This in no way means he is always correct. For example, he was proven wrong about #Bitcoin being the only crypto ETF.” 

This was further reinforced by Barchart’s analysis that BTC is plummeting to levels not seen since the 24th of May. 

Source: Barchart/X

Just a matter of time!

However, despite prevailing negative sentiments, another trader, Daan Crypto Trades had a completely different angle to share. He noted, 

“$BTC Has done nothing but range similar to previous consolidations this cycle. We had one minor deviation below, which was quickly retaken.”

Source: Daan Crypto Trades/X