Ethereum ETF Approval Likely
Bloomberg analysts believe there is a 75% chance that an Ethereum ETF will be approved in the United States this year. This follows the approval of the first Bitcoin futures ETF in September 2021. The ProShares Bitcoin Strategy ETF attracted $1 billion in just two days. Now, there are 13 Ethereum ETF applications awaiting approval, with the first in line being Volatility Shares’ Ethereum Strategy ETF. The SEC’s recent approval of Bitcoin futures ETFs could make it difficult for them to deny Ethereum futures ETFs.
Bitcoin Spot ETF Approval Odds
There are currently nine active Bitcoin spot ETF applications pending review by the SEC. The latest applicant is CBOE on behalf of the Global X Bitcoin Trust. All applicants, including CBOE, have selected Coinbase as a surveillance-sharing partner to detect market manipulation. The SEC has denied previous spot ETF applications due to concerns about market manipulation. Unlike its competitors, Grayscale is fighting the SEC in court to convert its Bitcoin trust into a spot ETF. Bloomberg analysts now give a 65% chance of a Bitcoin spot ETF approval this year, likely resulting from a Grayscale court victory.
Hot Take
The approval of both a Bitcoin spot ETF and an Ethereum ETF in the United States this year seems increasingly likely. With the SEC’s approval of Bitcoin futures ETFs and the growing number of Ethereum ETF applications, it appears that the regulatory stance towards cryptocurrencies is shifting. This could open up new investment opportunities for crypto enthusiasts and potentially boost the adoption and mainstream acceptance of digital assets.
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