ETH
by BSCN
January 11, 2024
Multiple Ethereum spot ETF applications from major institutions, including VanEck, Ark 21Shares, and Hashdex, await SEC decisions, with VanEck's decision scheduled for May 23, 2024.
Bloomberg ETF analyst Eric Balchunas expressed optimism about Ethereum's future, estimating a robust 70% chance of approval for Ethereum Exchange-Traded Funds (ETFs) by May, according to CoinTelegraph.
This positive outlook follows the recent approval of Bitcoin ETFs, signaling a potentially transformative period for the crypto market. Eric Balchunas acknowledged the close ties between Ethereum and Bitcoin but sees distinct opportunities for the former.
Digital asset lawyer Joe Carlasare aligns with Balchunas, envisioning the approval of Ethereum spot ETFs in the coming months. Carlasare suggests a potential timeline extending beyond initial expectations, with Ethereum ETFs possibly not trading until Q3 2024. The industry is now eagerly awaiting SEC decisions on multiple Ethereum spot ETF applications, heightening anticipation in the crypto community.
The Ethereum ETF landscape includes applications from prominent institutions like VanEck, Ark 21Shares, and Hashdex. With several decisions due by the end of May, the industry is abuzz with expectations. VanEck's spot Ethereum ETF decision is slated for May 23, 2024, contributing to the heightened anticipation.
Following the news of potential Ethereum ETF approvals in the future, the market responded with enthusiasm. Ethereum witnessed an 11.5% price surge, surpassing $2645 for the first time since May 2022.
Industry experts interpret this as a signal of investor optimism for a potential Ethereum ETF, mirroring the response to Bitcoin ETF approvals. Joe Caselin, head of institutional marketing at BIT crypto exchange, notes the market's pattern of "buy the rumor, ignore the news, buy the next rumor."
Despite the positive outlook, uncertainties linger around spot Ethereum ETF approvals. SEC Chair Gary Gensler has been steadfast in his assertion that every cryptocurrency, excluding Bitcoin, is considered a financial security.
However, past remarks from Gensler's predecessor, Jay Clayton, and former SEC director William Hinman provide a more balanced view, suggesting that decentralization could influence the classification of certain tokens.
Disclaimer
Disclaimer: The views expressed in this article do not necessarily represent the views of BSCNews. The information provided in this article is for educational and informational purposes only and should not be construed as investment advice. BSCNews assumes no responsibility for any investment decisions made based on the information provided in this article
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