Samson Mow, CEO of blockchain company Pixelmatic, warned about a serious collapse in altcoins.
Speaking a day before today’s downturn in the crypto market, Samson Mow warned altcoin investors. Emphasizing that the rise in Bitcoin swept the altcoins up after the approval of the Spot Bitcoin ETFs, but that this is unsustainable, Mow stressed that he expected serious declines for altcoins.
Thanks to the Spot Bitcoin ETFs, there is a daily cash inflow of between 500 million and 1 billion for Bitcoin, yet Mow pointed out that altcoins are completely benefiting from Bitcoin’s momentum and their inflows could be artificial.
Continuing with an example for the altcoin decline thesis, he reminded that Solana’s current market value has reached 80 billion dollars, while a giant company like Microstrategy (MSTR) has a market value of only 30 billion dollars.
Finding this situation “absurd,” Samson Mow stated that the major altcoin correction is delayed:
I’m expecting a decline in altcoins in the coming weeks. They are following the Bitcoin gains after the ETF approvals, but honestly, they are devoid of our daily inflows of 500 million to 1 billion dollars. The main indication that their gains are unsustainable seems to be this. Solana’s market value is 73 billion dollars, MSTR is 30 billion dollars. This is very absurd. The major correction of altcoins has been delayed.
