- On Jan. 10, the US SEC approved 11 of the much anticipated Spot Bitcoin ETFs, is Spot Ether ETF the next frenzy?
The world’s largest asset manager, BlackRock, and 13 other institutional giants got the nod from the United States Securities and Exchange Commission (SEC) to launch the first spot Bitcoin exchange-traded funds (ETF) in the United States on Jan. 10.
BlackRock’s entry in the spot Bitcoin ETF race gave crypto proponents a new sense of optimism because the firm is the world’s largest asset manager, with over $8 trillion in assets under management and an impeccable ETF approval record.
BlackRock had a record of 575 approvals to one ETF rejection in its history, and with spot BTC approval, the record is now 576-1.
This was one of the key reasons that made analysts and market pundits sure about a potential approval even before the SEC decided.
BlackRock submitting their ETF application pic.twitter.com/rJNPCXwr0v
— rwlk (@sherlock_hodles) January 10, 2024
Following the approval of spot BTC ETFs, the crypto community has already started speculating about the potential approval of an Ether ETF approval in May.
See Also: US SEC Approves Spot Bitcoin ETFs To Trade On US Markets
BlackRock filed for a spot Ether ETF in November 2023. The SEC deadline for a decision to approve or deny the application is May 23, and many crypto proponents believe a spot Ether ETF could be approved.
BlackRock doesn't lose. Looking like August for $ETH ETF. https://t.co/rlJmE3RIRZ pic.twitter.com/G2sbA0Mysl
— fewture (@fewture) January 11, 2024
Bloomberg senior analyst Eric Balchunas, who gave a 95% chance that the spot BTC ETF applications would be approved in the lead-up to the SEC’s decision on Jan. 10, believes there is a 70% chance of an Ether ETF approval in May.
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 price of Ether shot up 10% on BTC ETF approval day. However, BTC traded in the same range throughout the day and dipped below $46,000 momentarily before recovering.
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