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- Following the approval of 11 spot Bitcoin exchange-traded funds (ETFs) by the US Securities and Exchange Commission (SEC) on January 10, the pathway is now open for the approval of spot Ethereum ETFs.
With the U.S. Securities and Exchange Commission (SEC) having sanctioned 11 spot Bitcoin exchange-traded funds (ETFs) on January 10, the prospects for spot Ethereum ETFs to gain approval in 2024 appear promising, as noted by ETF analyst Eric Balchunas.
Balchunas estimates a 70% likelihood that spot Ether ETFs will receive approval by May, which is when the SEC is required to finalize decisions on several applications.
Bloomberg ETF analyst Eric Balchunas mentioned that he anticipates a 70% probability of an Ethereum spot ETF being approved in May. The SEC must reach decisions on multiple Ethereum spot ETF applications by the end of May, including those from VanEck, Ark 21Shares, and Hashdex. Digital asset attorney…
— Wu Blockchain (@WuBlockchain) January 11, 2024
Balchunas had previously indicated that he could not envision a situation where spot Bitcoin ETFs are approved while spot Ether ETFs are not. He likened the two cryptocurrencies, stating that “Ether spot is tied to the hip of Bitcoin spot.”
A new deadline to focus on has just been announced
May 23rd is the ultimate deadline for the decision on VanEck’s spot ETH ETF pic.twitter.com/dgi5EVbPeQ
— Will (@WClementeIII) January 10, 2024
The earliest deadline for a decision regarding spot Ethereum ETFs is in May of this year for VanEck’s Ethereum ETF.
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See Also: Spot Bitcoin ETF Is Already Approved, Is Spot Ether ETF The Next?
BlackRock’s deadline is set for August; however, if the SEC does grant approval, it may authorize all applicants as it did with the spot Bitcoin ETFs.
Before the SEC’s approval of spot Bitcoin ETFs, Valkyrie Funds’ chief investment officer Steven McClurg expressed that he would not be surprised if spot Ether and XRP ETFs emerge following Bitcoin.
Numerous prominent asset managers, including BlackRock, VanEck, ARK Invest & 21Shares, Fidelity, and Invesco Galaxy, have submitted applications for spot Ether ETFs.
The SEC is required to make determinations on these applications by various deadlines ranging from May 23 to August 7.
The ETH rotation has commenced. As expected. The narrative contest for the next ETF following ETH is about to begin. It will be challenging. Prepare accordingly.
— Autism Capital
(@AutismCapital) January 10, 2024
(@AutismCapital) January 10, 2024In the wake of the Bitcoin ETF approval, Ethereum (ETH) experienced an increase of 8.5% over the last 24 hours and surged over 15% in the past week, surpassing the $2.5K mark, as investors speculate on the likelihood of a spot Ether ETF approval.
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The post After Bitcoin Spot ETFs, Ethereum Spot ETFs Could Be The Next appeared first on BitcoinWorld.
