He attributed Bitcoin’s surge to rising demand from ETFs and a widening base of institutional buyers, including sovereign wealth funds, pension funds, and corporate treasuries.
“These inflows are what drive Bitcoin’s price higher,” McClurg explained.
The remarks come as Canary files applications in the U.S. for several altcoin-based exchange-traded funds. Notably absent: Ethereum products.
McClurg was blunt in his criticism of the world’s second-largest cryptocurrency:
“I’m not a big fan of Ethereum because it’s old tech. There are plenty of other protocols that are faster, cheaper to transact on, and fundamentally more secure.”
While he acknowledged Ethereum showed “excellent development for about five years,” McClurg argued it now struggles against rivals like Solana and Sui. He believes ETH will decline this cycle and fail to reclaim its all-time high—even though it came close in mid-August.
He also floated the idea of a potential Litecoin comeback, calling it the “silver” to Bitcoin’s “gold.”
Looking ahead, McClurg warned traders to expect seasonal swings:
“Historically, August is a rough month for risk assets, especially crypto. But September and October tend to be much stronger.”
Earlier, FORECK.INFO reported that surging institutional inflows on Coinbase often act as a precursor to major Bitcoin rallies, underscoring the setup for the next leg higher.