Bloomberg Analyst Predicts 70% Chance of Ethereum ETF Approval by May
Bloomberg senior exchange-traded fund analyst Eric Balchunas believes that there is a 70% possibility for the approval of spot Ethereum exchange-traded funds (ETFs) by the U.S. Securities and Exchange Commission (SEC) by May of this year. This comes after the SEC’s approval of eleven spot bitcoin ETFs. The price of ether has risen by 8% in the past 24 hours, reaching $2,613, indicating investor optimism for a potential ether ETF.
BlackRock’s Bitcoin ETF Launch
BlackRock, known for its numerous ETF approvals, is expected to launch its bitcoin ETF on Thursday. While the approval of an Ethereum ETF remains uncertain due to SEC Chair Gary Gensler’s stance on non-bitcoin cryptocurrencies, there are indications from Gensler’s predecessor and former SEC director William Hinman that decentralized tokens like ether may not be considered financial securities.
Potential for a Solana ETF
If the SEC approves Ethereum ETFs, other large-cap cryptocurrencies like Solana could be next in line. Solana has gained attention for its impressive performance and significant price growth of 920% compared to Bitcoin’s 155% growth in the same period. An Ethereum ETF launch could lead to a wider variety of crypto assets being accessible through financial vehicles such as ETFs.
Hot Take: A New Era for Crypto ETFs?
The potential approval of Ethereum ETFs by the SEC could mark a significant milestone in the crypto industry. It would provide institutional investors with easier access to Ethereum and potentially open the door for more crypto assets to be included in ETF offerings. This development could lead to increased mainstream adoption and further growth of the cryptocurrency market.
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