With the listing of the first Bitcoin spot ETF in the United States, there is market speculation about whether an Ethereum spot ETF will be launched soon. According to a survey conducted by Santiment, over 52.4% of respondents are optimistic that the US will approve an Ethereum spot ETF by the end of this year. However, analysts from TD Cowen and JPMorgan Chase believe that it will not be approved quickly.
The US Securities and Exchange Commission (SEC) recently approved 11 Bitcoin spot ETFs, marking a significant milestone for the cryptocurrency industry. It is now believed that an Ethereum spot ETF may also be approved in the future. Currently, there are 7 applications awaiting SEC approval, including BlackRock, Fidelity, Grayscale, VanEck, Ark/21Shares, Invesco/Galaxy, and Hashdex. The final decision deadline for the Ethereum spot ETF applications from VanEck, Ark/21Shares, and Hashdex is set for May 2024, while the other applications are expected to receive a decision between June and August 2024.
A survey conducted by Santiment on the X platform shows that 52.4% of respondents believe that the US will launch an Ethereum spot ETF by the end of this year. 9.8% of respondents are even more optimistic and expect approval this month. Another 26.5% believe it will be approved next year or later, while 11.3% think it will never happen. However, TD Cowen, a US investment bank, believes that the SEC will not approve an Ethereum spot ETF quickly. TD Cowen Washington Research Group stated in a recent report that the approval is unlikely to happen soon. JPMorgan Chase analyst Nikolaos Panigirtzoglou also doubts the possibility of an Ethereum spot ETF being approved in May this year.
Earlier, the expectation of the approval of the Ethereum spot ETF caused the price of Ethereum to surge after the Bitcoin spot ETF was approved. Additionally, Larry Fink, CEO of BlackRock, made comments expressing the value of an Ethereum ETF, causing Ethereum to reach a new high of $2,717.32 on May 13, the highest since May 9, 2022. However, the price quickly dropped afterward. As of the time of writing, it is at $2,551, representing a 0.1% decrease in the past 24 hours.
While TD Cowen and JPMorgan Chase are not optimistic 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 believes that the first Ethereum spot ETF can be expected to launch this year.
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