With the listing of the first Bitcoin spot ETF in the United States, the possible launch of an Ethereum spot ETF has also attracted market attention. According to a survey by Santiment, over 52.4% of the public are optimistic that the United States will approve an Ethereum spot ETF before the end of this year. However, analysts from TD Cowen and JPMorgan believe that it will not be approved quickly.
The U.S. Securities and Exchange Commission (SEC) approved 11 Bitcoin spot ETFs on the 11th, marking an important milestone for the cryptocurrency industry. The market has begun to believe that an Ethereum spot ETF may also be approved next. Currently, there are a total of 7 applications awaiting SEC approval, including BlackRock, Fidelity, Grayscale, VanEck, Ark/21Shares, Invesco/Galaxy, and Hashdex. The final approval decision deadlines for VanEck, Ark/21Shares, and Hashdex’s Ethereum spot ETFs fall in May 2024, while other applications are expected to be decided between June and August 2024.
Will an Ethereum spot ETF be launched before the end of this year? According to a survey conducted by Santiment on the X platform, 52.4% of respondents believe that the United States will launch an Ethereum spot ETF before the end of this year. 9.8% of respondents are even more optimistic, expecting approval this month. Another 26.5% believe approval will happen next year or later, while 11.3% think it will never happen. However, the U.S. investment bank TD Cowen believes that the SEC will not approve an Ethereum spot ETF quickly. In a report released earlier this week, TD Cowen Washington Research Group stated that the approval of an Ethereum spot ETF in May this year is unlikely. JPMorgan analyst Nikolaos Panigirtzoglou also expressed skepticism about the possibility of an Ethereum spot ETF being approved in May this year.
Previously, due to the market’s optimistic expectations for the approval of an Ethereum spot ETF, Ethereum prices surged after the Bitcoin spot ETF was approved. Additionally, BlackRock CEO Larry Fink’s statement about the value of an Ethereum ETF caused Ethereum to reach $2,717.32 on the 13th, the highest since May 9, 2022, but it subsequently experienced a sharp decline. As of the deadline, it was reported at $2,551, with a decrease of 0.1% in the past 24 hours.
Despite TD Cowen and JPMorgan’s pessimism about the quick approval of an Ethereum spot ETF, Bloomberg ETF analyst James Seyffart stated at the beginning of the year that when the SEC approved 9 Ethereum-related futures ETFs last year, it “implicitly” recognized Ethereum as a commodity. He is optimistic that the first Ethereum spot ETF will be launched this year.