Altered avatar, mixed signals: what does Musk want to tell the crypto market?

In recent days, Musk’s sudden avatar change has sparked waves of speculation in cryptocurrency circles. After all, in 2021, that iconic laser gaze served as a catalyst for BTC’s bullish surge. Now, the image change in just two days leaves many questioning: is this a retreat in Musk’s confidence about the market’s future?

ETH in the spotlight, but still in BTC’s shadow

The launch of the Ethereum spot ETF marked a significant moment this week. On its first day of trading, the volume exceeded an impressive US$ 100 million. While this is a robust number, it still falls short of the initial performance of the BTC spot ETF, which set a much higher standard on its debut day.

21Shares was officially appointed as the market maker for the Ethereum spot ETF, a designation that could have amplified market euphoria. However, the market remained relatively subdued in response to the news, suggesting that expectations were already priced in.

Price battle reflects caution

Currently, BTC has recovered to around US$ 87,000, maintaining its position as the dominant force in the market. Meanwhile, ETH continues its journey toward consolidation above the US$ 2,850 range, still distant from the US$ 3,500 level that many expected as the next resistance.

Musk’s influence on cryptocurrency price behavior remains undeniable. His actions—whether avatar changes, public statements, or shifts in stance—continue to serve as a thermometer for market sentiment.

What to expect

With so many mixed signals coming from different directions, the crypto market is preparing for another week of volatility. The dynamic between ETH’s performance and the symbolic actions of major influencers like Musk promises to keep traders on high alert.