Ethereum ETF Approval Odds: 50/50! 🤔 Bitcoin to Soar at $88k by 2024!

Ethereum ETF Approval Odds: 50/50! 🤔 Bitcoin to Soar at $88k by 2024!

A Balanced Perspective on the Approval of Spot Ethereum ETFs

A Bitwise researcher, Ryan Rasmussen, has provided an insightful analysis of the potential approval of spot Ethereum Exchange-Traded Funds (ETFs) in the coming months. Rasmussen believes that there is an equal probability of both approval and rejection by the Securities and Exchange Commission (SEC). While uncertainty surrounds the market’s readiness for such a development, Rasmussen’s perspective sheds light on the potential outcomes.

Rasmussen’s Probability Assessment:

  • Rasmussen assigns a 50% probability to both approval and rejection of spot Ethereum ETFs.
  • His perspective aligns with Matt Hougan, Bitwise’s Global Head of Research, who estimates a nearly 50% chance of approval in May.
  • Contrastingly, predictions on the Polymarket website are slightly less optimistic, showing a 44% likelihood of approval.

The SEC Decision and Previous Bitcoin ETF Rejections:

  • The SEC is expected to make a decision on VanEck’s spot Ethereum ETF application by May 23.
  • Rasmussen highlights the SEC’s history of rejecting Bitcoin ETFs until faced with legal action from Grayscale.
  • It remains uncertain whether a lawsuit will be necessary for the approval of Ethereum ETFs or if any applicant will initiate such legal action.
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Bitwise’s Success with Bitcoin ETFs:

  • Although Bitwise does not have a pending application for a spot Ethereum ETF, they received approval for a spot Bitcoin ETF on January 10.
  • Rasmussen expresses satisfaction with the performance of Bitwise’s Bitcoin ETF (BITB), which attracted $1 billion in assets and contributed to a collective inflow of over $15 billion into ETFs.
  • Rasmussen speculates on the impact of spot Bitcoin ETFs and similar funds on cryptocurrency prices, suggesting that institutional investors entering the market have contributed to recent price increases.
  • He believes that the introduction of additional ETFs could have similar effects on Ethereum and other cryptocurrencies.

Influential Factors in the Cryptocurrency Market:

  • Rasmussen discusses various factors influencing the cryptocurrency market, including Bitcoin’s upcoming halving, Ethereum’s Dencun upgrade, fluctuations in NFT trading volumes, and Solana’s price growth.
  • He suggests that the cryptocurrency sector is transitioning from a challenging 2022 into a multi-year bull cycle.

Hot Take: A Robust Outlook for the Cryptocurrency Market

Rasmussen concludes his insights by reaffirming Bitwise’s price predictions and offering an optimistic outlook for the cryptocurrency market amidst evolving regulatory and investment landscapes. Here are his key points:

  • Bitcoin is projected to achieve a new all-time high of at least $88,000 by the end of 2024.
  • This prediction signals a robust outlook for the cryptocurrency market.
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Rasmussen’s analysis provides valuable insights into the potential approval of spot Ethereum ETFs. While there is uncertainty surrounding this development, his balanced perspective sheds light on the possibilities. With Bitwise’s success in Bitcoin ETFs and the potential impact of ETFs on cryptocurrency prices, the market is poised for further growth. Additionally, Rasmussen’s discussion of influential factors highlights the dynamic nature of the cryptocurrency sector. Overall, his analysis paints an optimistic picture for crypto enthusiasts as they navigate this evolving landscape.

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Noah Rypton stands as an enigmatic fusion of crypto analyst, relentless researcher, and editorial virtuoso, illuminating the uncharted corridors of cryptocurrency. His odyssey through the crypto realms reveals intricate tapestries of digital assets, resonating harmoniously with seekers of all stripes. Noah’s ability to unfurl the labyrinthine nuances of crypto intricacies is elegantly interwoven with his editorial finesse, transmuting complexity into an engaging symphony of comprehension.