The cryptocurrency landscape is about to witness a potentially significant milestone, with the possibility of approval for Ethereum Spot ETFs emerging as a hot topic in the market.
Following the approval of 11 Bitcoin exchange-traded funds (ETFs) on January 10, industry experts are now optimistic about the approval of Ethereum Spot ETFs in 2024, with forecasts pointing to a probability of up to 70% by May.
Bloomberg ETF analyst Eric Balchunas shared an outlook. He highlighted the intrinsic link between the Bitcoin Spot and Ethereum Spot ETFs, suggesting that the approval of one would indicate a clear path to the other. “The Ether dot is linked to the Bitcoin dot, for sure. He will go wherever he goes.
It’s basically like a 15-foot rope following him,” Balchunas said. Furthermore, he mentioned that, according to information obtained through “secondary channels”, Ether Spot ETFs “will be fine”.
Balchunas reiterated his optimistic estimate, pointing to a 70% chance that ETH Spot ETFs will be approved by May, during which time the SEC is expected to make a final decision on several applications. Despite this high probability, the analyst noted that the exact timeline for the launch of these ETFs remains uncertain.
In response to these developments, the price of Ether recorded a significant increase. The cryptocurrency saw a jump of around 12% following the approvals, surpassing the $2,600 mark for the first time since May 2022. At the time of publishing, Ether is trading at $2,580, representing a 9% increase in the last 24 hours.
Disclaimer:
The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing or trading cryptocurrencies carries a risk of financial loss.
Source: https://portalcripto.com.br/etfs-ethereum-spot-possibilidade-de-aprovacao-eleva-expectativas-do-mercado/
