Today, Bloomberg analyst Eric Balchunas believes that the SEC’s approval of the first Bitcoin spot ETF indicates that an Ethereum spot ETF is likely to be launched within this year, with a 70% chance of approval in May.
(Previous summary:
ETH breaks through $2600, hitting a 20-month high! Layer2 rises together, is it time for Ethereum spot ETF?)
(Background:
SEC further delays applications for four Ethereum spot ETFs from Grayscale, Hashdex, etc., Bloomberg analyst: Key point is in May next year.)
Table of Contents
Bloomberg analyst: Ethereum spot ETF expected to be approved and listed within the year
Experts: Approval time may be longer than expected
ETH surges 11% in the past 24 hours
The U.S. Securities and Exchange Commission (SEC) officially approved all 11 applications for Bitcoin spot ETFs on the morning of the 11th. Many experts believe that the SEC’s decision means that an “Ethereum spot ETF” is likely to be approved and listed within this year.
According to Cointelegraph, Eric Balchunas, a Bloomberg ETF analyst who has accurately predicted the timing of Bitcoin futures and spot ETF approvals, estimates that the probability of an ETH spot ETF being approved by the SEC in May has reached 70%, although he believes that the exact launch time is still unclear.
Balchunas also revealed that he heard through back channels that the approval process for the Ethereum spot ETF is “going well.”
Currently, there are a total of 7 Ethereum spot ETF applications awaiting SEC approval, including institutions such as BlackRock, Fidelity, Grayscale, VanEck, Ark/21Shares, Invesco/Galaxy, and Hashdex.
The final approval deadlines for VanEck, ARK 21Shares, and Hashdex Ethereum spot ETFs set by the SEC fall in May 2024, while other applications will be reviewed within the next 6 to 8 months.
Another expert who also believes that the SEC will approve the first batch of Ethereum spot ETFs within the year is digital asset lawyer Joe Carlasare. However, he believes that the timing will not be as early as May, and it will “take a little longer than people expect.” He estimates that it may be approved and listed in the third quarter of this year.
Recently, Hashdex, one of the applicants for the Ethereum spot ETF, expects to start trading as early as the second quarter of this year. Steven McClurg, Chief Investment Officer of Valkyrie Funds, stated, “I would not be surprised if the ETH spot ETF and the XRP ETF are listed after the Bitcoin spot ETF is approved.”
It is worth noting that in terms of the cryptocurrency price, the approval of the Bitcoin spot ETF today did not trigger a significant surge in Bitcoin, but instead, the relatively weak performance of ETH in the past has surged by 11% in the past 24 hours, reaching a high of $2,643 this morning, and was trading at $2,612 at the time of writing.
The upcoming Cancun upgrade and the potential approval of the Ethereum spot ETF will be key factors driving the future rise of ETH.
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