Home Altcoins News Crypto Market Awaits Ethereum ETF Approval Following Bitcoin’s Green Light

Crypto Market Awaits Ethereum ETF Approval Following Bitcoin’s Green Light

In a groundbreaking week for the cryptocurrency market, the United States Securities and Exchange Commission (SEC) has given the nod to 11 spot Bitcoin exchange-traded funds (ETFs). This pivotal decision has prompted a surge of anticipation regarding the possibility of a similar approval for the second-largest cryptocurrency by market capitalization, Ethereum.

Over the past seven days, as the crypto community eagerly awaited the SEC’s approval of spot Bitcoin ETFs, Ethereum’s price witnessed a notable uptick of 15.79%. The industry is now abuzz with speculation regarding when Ethereum might receive the green light for its own spot ETF.

Steven McClurg, Chief Investment Officer of Valkyrie Funds, is optimistic about the prospects of a spot Ethereum ETF. In addition, he envisions a comparable product for Ripple’s native token, XRP, in the near future. McClurg’s sentiments echo a broader positive outlook within the industry.

As of the latest update, Ethereum is valued at $2,602, representing a remarkable 15.79% surge in the past week and a notable 20.30% spike over the last 30 days.

Analysts, including Leo Mizuhara, CEO of Hashnote, anticipate the inevitable introduction of Ethereum ETFs. Mizuhara envisions a market split, differentiating between private market ETH-staking exposure and public market offerings. The rapid rise in Ethereum’s performance amid Bitcoin ETF approvals underscores the market’s keen interest in a potential Ethereum ETF.

Brian D. Evans, CEO of BDE Ventures, echoes the sentiment that it’s only a matter of time before the market witnesses an Ethereum ETF. He points to the existing ETH futures product as a precursor and a model for an Ethereum spot ETF. The recent surge in Ethereum’s price is seen as a clear indicator of the market’s anticipation.

Steven McClurg, Chief Investment Officer of Valkyrie Funds, is optimistic about the prospects of a spot Ethereum ETF. He not only anticipates such a development but also foresees a similar product for Ripple’s native token, XRP.

The positive sentiment is shared by many in the industry, evident in Ethereum’s recent price performance. As of now, Ethereum is valued at $2,602, showcasing a remarkable 20.30% spike in the last 30 days.

Leo Mizuhara, CEO of Hashnote, predicts the inevitable introduction of Ethereum ETFs. He envisions a market split between private market ETH-staking exposure and public market offerings, reflecting the growing interest in a prospective Ethereum ETF.

Brian D. Evans, CEO of BDE Ventures, believes it’s just a matter of time before the market witnesses an Ethereum ETF. He points to the existence of an ETH futures product as a precursor and a model for a potential Ethereum spot ETF. The recent surge in Ethereum’s price further reinforces the market’s anticipation.

Renowned ETF analyst Eric Balchunas adds to the optimism, suggesting a 70% chance of an Ethereum spot ETF being approved as soon as May. This projection has generated considerable excitement within the cryptocurrency community, as Ethereum enthusiasts eagerly await regulatory clarity.

A report highlights ETF analyst Eric Balchunas’s growing optimism about the approval of spot Ethereum ETFs, suggesting a 70% chance of approval in as little as five months, possibly by May. This positive outlook is supported by the market’s response to Bitcoin ETF approvals and the overall growing interest in cryptocurrency investments.

While Ethereum Futures ETFs had a somewhat underwhelming debut last year, experts believe that lessons learned from that experience will pave the way for a more successful launch of spot Ethereum ETFs.

In October 2023, the introduction of several Ethereum Futures ETFs left some speculators underwhelmed. Nine such ETFs were launched by prominent investment firms like ProShares, VanEck, Bitwise, Valkyrie, Kelly, and Volshares. However, upon their October 2 launch, Ether Futures attracted just under $2 million in flows.

Despite the tepid debut of Ethereum Futures ETFs, industry experts remain optimistic about the potential success of spot Ethereum ETFs. They emphasize the lessons learned from the initial futures offerings and the heightened market interest in Ethereum as a valuable investment asset.

As the crypto community eagerly awaits further developments, the spotlight remains firmly on Ethereum, with analysts projecting potential approval of spot ETFs in the coming months. This pivotal moment could mark a significant milestone for Ethereum and the broader cryptocurrency market, opening new avenues for investors and further legitimizing the digital asset class.

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Maheen Hernandez

A finance graduate, Maheen Hernandez has been drawn to cryptocurrencies ever since Bitcoin first emerged in 2009. Nearly a decade later, Maheen is actively working to spread awareness about cryptocurrencies as well as their impact on the traditional currencies. Appreciate the work? Send a tip to: 0x75395Ea9a42d2742E8d0C798068DeF3590C5Faa5

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