Samson Mow, a prominent Bitcoin (BTC) supporter and the CEO of Bitcoin-focused company Jan3, has once again voiced his disapproval of Ethereum and other altcoins. Known for his staunch belief in BTC as the only worthy digital currency, Mow took to his X (formerly known as Twitter) handle to express his views on the recently approved spot Ethereum ETFs.
In his tweet earlier today, Mow referred to altcoins as “s-coins,” a derogatory term used by BTC maximalists to show their disdain for non-BTC cryptocurrencies. Commenting on the approval of spot Ethereum ETFs last week, Mow stated that “s-coins do not help Bitcoin” and reiterated his stance that “there still is no second best” digital currency.
Mow is convinced that the demand for these spot Ethereum ETFs (“securitized ETH,” as he calls them) is currently non-existent and that BTC investors will not alter their strategies because of these new financial products. Last week, he even tweeted that it was investors’ “last chance to sell ETH above 0.05 BTC,” underscoring his bearish outlook on Ethereum.
Ethereum ETFs: Bitcoin Boost or Bust?
Interestingly, Mow’s perspective contrasts sharply with that of fellow Bitcoin advocate Michael Saylor. Saylor, the founder of MicroStrategy, has a different take on the approval of spot Ethereum ETFs. In a recent interview, Saylor suggested that this regulatory nod might actually benefit BTC. He believes that the positive decision from the SEC regarding Ethereum ETFs could enhance the overall appeal of the cryptocurrency asset class, thereby drawing more investment into BTC.
Meanwhile, on the BTC front, there have been significant movements in the spot Bitcoin ETF market. On May 29, on-chain analytics account @lookonchain reported substantial inflows into spot BTC ETFs, with 2,075 BTC added, amounting to over $140.8 million. BlackRock led the pack, acquiring 1,503 BTC valued at over $102 million, followed by Fidelity with 503 BTC and VanEck with 206 BTC. In contrast, Grayscale saw an outflow of 47 BTC. Currently, BlackRock has surpassed Grayscale as the largest holder of spot Bitcoin ETFs, with holdings worth $19.59 billion compared to Grayscale’s $19.6 billion.
In the past 24 hours, Bitcoin saw a modest increase of 1.35%, pushing its price above $68,000. However, this rise was short-lived, as the cryptocurrency pulled back to $67,430, still $200 higher than its previous day’s starting point.
The ongoing debate between