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Former Goldman Sachs Executive Raoul Pal Bets on Ethereum (ETH) to End Crypto Market Correction

UTC by Bhushan Akolkar · 2 min read
Former Goldman Sachs Executive Raoul Pal Bets on Ethereum (ETH) to End Crypto Market Correction
Photo: Shutterstock

Based on the rise of the ETH/BTC pair, Pal said that Ethereum shows strength over Bitcoin and it could lead the way to move the crypto market out of correction.

The crypto markets have entered severe volatility fueled by Elon Musk and China news ahead this week. After Wednesday’s massive crash, the crypto market regained the lost ground. However, Bitcoin (BTC) and most other altcoins are still down by a big margin on weekly charts. But former Goldman Sachs investor Raoul Pal is betting big on Ethereum (ETH). The Vision Group CEO believes that Ethereum holds the potential to get the crypto market out of this correction phase. Pal’s comments, however, came earlier this week during the Monday crash following Elon Musk’s tweets. Pal suggested the technical chart of Bitcoin hints at a consolidation phase.

For Ethereum (ETH) Raoul Pal suggested that investors can add it further if they have extra cash in hand. Soon after Pal’s comments, Ethereum (ETH) tanked to $2000 during the Wednesday price crash. However, it has recovered over 30% from the bottom. At press time, Ethereum is trading at $2738 with a market cap of $318 billion.

But Pal seems to be right here because, despite the current volatility, Ethereum’s on-chain fundamentals continue to improve further. Even during the Wednesday crash, the Ethereum supply at the exchanges continued to decline. On the other hand, a large number of ETH were moving to the Ethereum 2.0 deposits contract.

Furthermore, the growth of DeFi users on the Ethereum platform has been phenomenal. Below is the look at the charts as to how Defi users have surged by 20x in the last two years.

Raoul Pal: A Crypto ETF Could Be a Game Changer

The US is still waiting for the launch of its first Bitcoin ETF and investors are sitting on the edge looking at the regulatory developments. Raoul Pal thinks that an exchange-traded fund (ETF) could be a game-changer for the market. He added:

“This is my view… The ETF (exchange-traded product) is the next rocket fuel for this market. The Wall of Money keeps coming but it takes time for everyone to get internal approvals. I have so many conversations helping hedge funds, Family Offices and Asset Managers each week. All happening and more…”

All eyes are currently on the US SEC and its decision on VanEck Bitcoin ETF pending approval. On the other hand, other markets like Canada and Brazil have already rolled out these products and have received a solid response from investors.

Altcoin News, Cryptocurrency News, Ethereum News, News
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