Tree, a popular cryptocurrency analyst and trader, shared his current positions and views on Bitcoin (BTC), Ethereum (ETH) and Dogecoin (DOGE) with his followers on Twitter.
According to its latest update, Tree holds $5.6 million worth of BTC longs at an average entry price of $26,535, currently in profit of $730,000.
He is also holding a long DOGE position worth $1.4 million at an average entry price of $0.082, which is currently at a loss of $317,000.
Tree also revealed that it has a spot long position of 1,475 ETH with an average entry price of around $1,600.
After developing the DOGE mission to space, Tree admitted he made a mistake by closing only half of the DOGE long position. He said he still believes DOGE is undervalued at current prices, but is concerned about the coin's dependence on Musk's tweets and actions.
The analyst also said that his personal plan is to maintain his BTC long position for the remainder of the year or longer, while he is closely monitoring the situation regarding the potential approval of a Bitcoin exchange-traded fund (ETF) by the US Securities and Exchange Commission (SEC). He said the SEC's recent start to engage in dialogue with the industry is a positive sign for the chances of acceptance.
The analyst also said that he expects ETH to appreciate in US dollars during this period, even if it loses some value against BTC. He urged his followers to raise the alarm against all “SEC + ETF” mentions from trusted sources and to watch out for potential ETH spot ETF applications in the future, which he says is more likely to happen once a BTC ETF is approved.
*Not investment advice.