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 this year, with the probability of approval in May rising to 70%.
Summary:
ETH breaks through $2600 to reach a 20-month high! Layer2 surges, is it time for an Ethereum spot ETF?
Background:
SEC further delays Grayscale, Hashdex…4 Ethereum spot ETF applications, Bloomberg analyst: the key point is May next year.
Table of Contents:
Bloomberg analyst: It is expected that an Ethereum spot ETF will be approved and listed this year.
Experts: Approval time may be longer than expected.
ETH surged 11% in the past 24 hours.
The U.S. Securities and Exchange Commission (SEC) officially approved all 11 Bitcoin spot ETF applications today, and many experts believe that this decision means that an “Ethereum spot ETF” is likely to be approved and listed this year.
According to Cointelegraph, Eric Balchunas, a Bloomberg ETF analyst who has accurately predicted the timing of Bitcoin futures and spot ETF approvals, estimated that the probability of an ETH spot ETF being approved by the SEC in May has reached 70%. However, he believes that the current launch time is still unclear.
Balchunas also revealed that he has heard through back channels that the approval of the Ethereum spot ETF is “going well”.
Currently, there are a total of 7 Ethereum spot ETF applications pending SEC approval, including institutions such as BlackRock, Fidelity, Grayscale, VanEck, Ark/21Shares, Invesco/Galaxy, and Hashdex.
The final approval deadline for the VanEck, ARK 21Shares, and Hashdex Ethereum spot ETFs set by the SEC is May 2024, while the other applications will be reviewed in the next 6-8 months.
Another expert who also believes that the SEC will approve the first batch of Ethereum spot ETFs this year is digital asset lawyer Joe Carlasare, but he believes that the timing will not be as early as May, and it may take until the third quarter of this year to be approved and listed.
Recently, Hashdex, one of the applicants for an Ethereum spot ETF, expects to start trading in the second quarter of this year at the earliest. Steven McClurg, Chief Investment Officer of Valkyrie Funds, said, “I wouldn’t be surprised if the ETH spot ETF and XRP ETF were listed after the Bitcoin spot ETF was approved.”
It is worth noting that today’s approval of the Bitcoin spot ETF did not trigger a significant increase in Bitcoin’s price, but instead, ETH, which has been relatively weak recently, surged 11% in the past 24 hours, reaching a peak of $2,643 earlier in the morning and closing at $2,612.
The upcoming Cancun upgrade and the potential approval of the Ethereum spot ETF will be key factors driving the future upward trend of ETH.
Related Reports:
ETH breaks through $2600 to reach a 20-month high! Layer2 surges, is it time for an Ethereum spot ETF?
Source: Trading View
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