BitcoinCryptocurrency EducationETHEthereumIndustry AnalysisNewsXRP

Crypto Experts Who Believe in Ethereum ETF Approval Chances

2 Mins read

Now with the approval of 11 spot Bitcoin exchange-traded funds (ETF) this week from the United States Securities and Exchange Commission (SEC), eyes are turning to the second largest cryptocurrency by market capitalisation, Ethereum, to speculate whether the asset will also receive the same greenlight.

Over the last 7 days in anticipation of the spot Bitcoin ETF approval, Ethereum’s price has surged 15.79%.

Ethereum Spot ETF Speculation

This week the SEC approved spot Bitcoin ETF applications from 11 major asset management firms. The cryptocurrency industry is now buzzing with speculation about when Ethereum will be granted a similar approval.

Steven McClurg, CIO of Valkyrie Funds, expressed that he wouldn’t be surprised to see the emergence of a spot Ethereum ETF. Furthermore, he also sees a similar product for Ripple’s native token, XRP, coming to light.

It appears that he is not the only one with a positive outlook on the prospects of an Ethereum ETF. Ethereum’s price has risen over the past week, amidst the heightened anticipation of the approval of the spot Bitcoin ETF,

At the time of publication, Ethereum is priced at $2,602. It has experienced a 15.79% surge in the past 7 days and a 20.30% spike over the last 30 days.

Ethereum Price Chart 1 Month. Source: BeInCrypto
Ethereum Price Chart 1 Month. Source: BeInCrypto

A recent report indicates that several analysts hold an optimistic view.

Leo Mizuhara, CEO of Hashnote, foresees the unavoidable introduction of Ethereum ETFs. According to the report, he believes there will be a market split, differentiating between private market ETH-staking exposure and public market offerings.

He suggests that the swift rise in Ethereum’s performance following the Bitcoin ETF approvals reflects the market’s interest in a prospective Ethereum ETF.

Ethereum Futures ETFs Had a Disappointing Debut Week

Meanwhile, Brian D. Evans, CEO of BDE Ventures, also believes it is only a matter of time before the market sees an Ethereum ETF.

He highlights the existence of an ETH futures product as a forerunner and a model for an Ethereum spot ETF.

Evans points to the recent price surge in Ethereum as a marker of the market’s anticipation.

Meanwhile, another report highlighted that Eric Balchunas, a well-known ETF analyst who closely tracked the entire Bitcoin ETF narrative over the past year, is growing increasingly optimistic about the approval of spot Ethereum ETFs, suggesting it could happen in as little as five months.

“Bloomberg ETF analyst Eric Balchunas said he expects a 70% chance of an Ethereum spot ETF being approved in May,” the report stated.

However, Ethereum Futures ETFs debuted last year, and the first week left investors with a sense of disappointment.

In October 2023, BeInCrypto reported that the debut of several Ethereum Future ETFs left many speculators feeling underwhelmed.

Nine Ethereum Futures ETFs were introduced to the market last year. These were launched by investment firms ProShares, VanEck, Bitwise, Valkyrie, Kelly, and Volshares.

However, upon their launch on October 2, Ether Futures attracted just under $2 million in flows. 

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.

Source

1409 posts

About author
Harry is a crypto enthusiast and experienced trader with a track record of success. With a deep understanding of blockchain technology, he has analyzed market trends and identified profitable opportunities, resulting in impressive returns. Harry 's expertise lies in developing effective trading strategies that leverage the potential of cryptocurrencies. Through his articles, guides, and educational resources, he shares his insights and knowledge, helping individuals make informed trading decisions. With a keen eye for market patterns, Harry has navigated the volatile crypto landscape with confidence. Stay tuned for valuable perspectives and expert advice from Harry as he contributes to the Ailtra platform.
Articles
Related posts
CryptoNews

Indonesia's presidential elections pose uncertainty for the thriving cryptocurrency industry

1 Mins read
Indonesia, has emerged as a formidable player in the global cryptocurrency space in recent years. However, the nation’s upcoming general elections in…
BNBCryptoNews

Understanding the Cryptocurrency Boom - Dogecoin Climbs Due to X Payment Integration, While Stellar and BNB Also Experience Growth

1 Mins read
The cryptocurrency market has been experiencing notable gains over the past few days. This is led by an unexpected and surprising spike…
CryptoNews

Crypto Entrepreneur Charged with Defrauding Investors Out Of $150 Million Through Marketing Scheme

1 Mins read
Federal prosecutors have charged a German businessman with securities fraud, wire fraud and money laundering for allegedly scamming over 150 investors out…

🚀 Ailtra Crypto Bot Earned $8.9M Million in 7 Months with 0% Loss!

🚀 Ailtra generated $7.4 in 7 months only!

Unlock 20-75% Monthly Returns & Get $100 FREE!

Meet Ailtra Bot! Launching on 31st March an AI Crypto Bot boasting 20%-75% monthly gains and $7.5M earnings in 7 months. 💸Secure a FREE $100 bonus and up to $20K potential via referrals every month. 🎉Only 1,000 spots are available in first phase – claim yours fast! 🔥

Ailtra.ai will not disclose your account information to any 3rd parties.