Spot Ether ETF Approval: A 50% Chance by May, Bitcoin Predicted at $88K
According to Bitwise crypto research analyst Ryan Rasmussen, there is a 50% chance of approval for a Spot Ether ETF by May. The potential approval of these ETFs is attracting attention from institutional investors. As of now, Ether is up 40% year-to-date, trading at $3,203, while Bitcoin is up 32% year-to-date, trading at $55,656. Rasmussen believes that the interest in the options and futures market for Ether ahead of the potential approval date is contributing to Ethereumโs outperformance compared to Bitcoin this year.
Lawsuit Not Expected for Ether ETF Approval
Rasmussen does not think a lawsuit will be necessary for Ethereum ETFs. However, he believes that the approval in May is uncertain, with a 50% chance of going either way. He also mentioned upcoming developments such as the March Dencun upgrade on the Ethereum network, which will significantly reduce transaction costs and attract new users. Additionally, he credited Solanaโs strong performance and a renewed interest in NFT trading for the overall recovery of the crypto market following the crash in 2022.
Bitwise Spot Bitcoin ETF Surpasses $1B in Assets
Bitwiseโs spot Bitcoin ETF, approved in January, has already attracted over a billion dollars in assets. Rasmussen noted that the broader Bitcoin-based Spot ETF market has seen a significant influx of capital, surpassing $15 billion. This buying pressure on the underlying spot asset has contributed to the rise in Bitcoinโs price following the launch of these ETFs.
Rasmussen predicts that Bitcoin will surpass its previous record high of $69,000 by 10%-15% and potentially reach $88,000 by the end of the year. This prediction aligns with Bitwiseโs Chief Investment Officer, Matt Hougan, who also foresees Bitcoin surpassing $80,000 this year, driven by the success of ETFs and the impending Bitcoin halving.
Hot Take: Spot Ether ETF Approval and Bitcoin Price Forecast
In summary, there is a 50% chance of approval for a Spot Ether ETF by May, according to Bitwise crypto research analyst Ryan Rasmussen. The interest from institutional investors in these ETFs is contributing to Ethereumโs outperformance compared to Bitcoin. While a lawsuit might not be necessary for Ethereum ETFs, the approval in May is uncertain. However, upcoming developments such as the March Dencun upgrade on the Ethereum network are expected to reduce transaction costs and attract new users.
On the other hand, Bitwiseโs spot Bitcoin ETF has already surpassed $1 billion in assets, and the broader Bitcoin-based Spot ETF market has seen a significant influx of capital. This has led to a rise in Bitcoinโs price following the launch of these ETFs. Rasmussen predicts that Bitcoin will exceed its previous record high and potentially reach $88,000 by the end of the year. This forecast aligns with Bitwiseโs Chief Investment Officer, Matt Hougan.
Overall, the approval of a Spot Ether ETF and the positive forecast for Bitcoinโs price indicate potential opportunities for crypto enthusiasts. Keep an eye on these developments as they can significantly impact the market and present new investment prospects.
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