- With the US Securities and Exchange Commission (SEC) approving 11 spot Bitcoin exchange-traded funds (ETFs) on January 10, the path is now clear for spot Ethereum ETFs to be approved.
With the U.S. Securities and Exchange Commission (SEC) approving 11 spot Bitcoin exchange-traded funds (ETFs) on January 10, the path is now clear for spot Ethereum ETFs to be approved in 2024, according to an ETF analyst Eric Balchunas.
Balchunas believes there is a 70% chance that spot Ether ETFs will be approved by May, the month the SEC must make a final decision for several applications.
Bloomberg ETF analyst Eric Balchunas said he expects a 70% chance of an Ethereum spot ETF being approved in May. The SEC needs to make approval decisions on multiple Ethereum spot ETF applications by the end of May, including VanEck, Ark 21Shares and Hashdex. Digital asset lawyer…
— Wu Blockchain (@WuBlockchain) January 11, 2024
Balchunas previously stated that he could not see a scenario where spot Bitcoin ETFs are approved but spot Ether ETFs are not. He compared the two cryptocurrencies, saying that “Ether spot is tied to the hip of Bitcoin spot.”
New deadline to obsess over just dropped
May 23rd is the final deadline for decision on VanEck’s spot ETH ETF pic.twitter.com/dgi5EVbPeQ
— Will (@WClementeIII) January 10, 2024
The earliest deadline for spot Ethereum ETFs decision is in May later this year for VanEck’s Ethereum ETF.
See Also: Spot Bitcoin ETF Is Already Approved, Is Spot Ether ETF The Next?
BlackRock’s deadline is in August, however if the SEC does approve, it could approve all applicants like it did for the spot Bitcoin ETFs.
Prior to the SEC’s spot Bitcoin approval, Valkyrie Funds’ chief investment officer Steven McClurg said he wouldn’t be surprised if spot Ether and XRP ETFs come to market after Bitcoin.
Several major asset managers, including BlackRock, VanEck, ARK Invest & 21Shares, Fidelity, and Invesco Galaxy, have filed applications for spot Ether ETFs.
The SEC must make decisions on these applications by various dates ranging from May 23 to August 7.
The ETH rotation has begun. Like clockwork. The narrative battle for the next ETF after ETH begins. It will be insufferable. Prepare accordingly.
— Autism Capital 🧩 (@AutismCapital) January 10, 2024
Following the Bitcoin ETF approval, Ethereum (ETH) gained 8.5% over the past 24 hours, and rallied over 15% in the past week, breaking above the $2.5K level, as investors speculate on the potential of a spot Ether ETF approval.
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Disclaimer: The information provided is not trading advice, Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.