Author: Brayden Lindrea, Cointelegraph; Compiler: Songxue, Golden Finance
With the approval of 11 spot Bitcoin exchange-traded funds on January 10, Spot Ethereum ETF
There should be clear signs of approval in 2024 - one analyst even predicted a 70% chance of approval byMay .“Ethereum spot is definitely tied to Bitcoin spot. ”
Balchunas also noted that he had heard “in back channels” that a spot Ethereum ETF “would be great” ".
Meanwhile, digital asset lawyer Joe Carlasare also hinted that the Ethereum ETF spot will be approved this year, but he believes that "it will take a little longer than people expect."
“Ethereum spot ETFs will be approved, (but) the SEC will work to carefully craft a precedent that allows them to retain some discretion in deciding which digital asset ETFs will be allowed to enter the market.”< "In other words, I think the SEC is trying to provide guidance that prevents applicants from filing ETFs for every major token," Carlasare added.
Balchunas said he estimates there is a 70% chance that the Ethereum ETF spot will be approved in May - when the SEC must make final decisions on multiple applications - but he said the launch is still far away. Not very clear.
After the Bitcoin ETF was approved, the price of Ethereum surged about 3% to over $2,500 for the first time since May 2022. At press time, Ethereum was trading at $2,533, up 7% in the past 24 hours.
The price of Ethereum in 24 hours. Source: CoinMarketCap
Carlasare believes thatthe spot Ethereum ETF will not begin trading until the third quarter of 2024, and Hashdex, one of the spot Ethereum ETF applicants, recently revealed that Ethereum products will begin trading as early as the second quarter.
Ahead of the SEC’s approval of spot Bitcoin, Valkyrie Funds chief investment officer Steven McClurg said he wouldn’t be surprised if spot Ethereum and XRP ETFs listed after Bitcoin.
Bloomberg ETF analyst James Seyffart also believesthat the SEC will give the green light to a spot Ethereum ETF, as the SEC approved an Ethereum futures ETF in September. Implicitly accepting Ethereum as a commodity.
Seyffart said in a CryptoQuant private webinar on January 4: “By approving these Ethereum futures ETFs, they are implicitly accepting these Ethereum futures as commodity futures.”
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BlackRock, VanEck, ARK 21Shares, Fidelity and Invesco Galaxy, Grayscale and Hashdex are among the spot Ethereum ETF applicants vying for SEC approval.
The SEC must make a decision on VanEck’s application by May 23, ARK 21Shares’ application by May 24, and Hashdex’s application by May 30. The decision will be made by June 18 on Grayscale's application and by July 5 on Invesco's application.
Fidelity and BlackRock applications must be decided by August 3 and August 7.
Standard Chartered predicts Ethereum's potential surge to $4,000 by May, fueled by expected spot ETF approval. Caution advised amid market dynamics and regulatory uncertainties.
Huang BoFranklin Templeton, a global investment firm, showcases strong support for Bitcoin, Ethereum, and Solana. Despite criticism from Bitcoin maximalists, the firm expresses enthusiasm for diverse cryptocurrencies, emphasizing real-world use cases and exponential growth in the evolving blockchain landscape.
Cheng YuanQCP Capital report suggests Ethereum may outperform Bitcoin with the potential approval of an ETF. Market dynamics, including the 2024 US election and recent Bitcoin ETF approval, contribute to the evolving crypto narrative.
Xu LinAnalytics firm IntoTheBlock suggests that traders are anticipating the approval of a spot market exchange-traded fund (ETF) for Ethereum (ETH) following the recent "fake" approval announcement of spot-based Bitcoin ETFs. Ethereum has outperformed Bitcoin by over 10% since the fake announcement, signaling traders' expectations for Ethereum ETF approvals. IntoTheBlock's analysis indicates that the SEC's approval of spot Bitcoin ETFs could pave the way for a similar approval for Ethereum, as both are subject to potential manipulation.
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Nell21Shares submitted the spot Bitcoin ETF application with Ark Investment Management in June 2021 for listing on the Cboe BZX Exchange.
CointelegraphLast month, the watchdog gave the thumbs-up to Teucrium’s Bitcoin futures ETF, which is the first such vehicle to be approved under the ’33 Act.
Cointelegraph