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- On January 10, the US SEC granted approval for 11 highly anticipated Spot Bitcoin ETFs; could a Spot Ether ETF be the next big development?
The largest asset management firm globally, BlackRock, along with 13 other institutional leaders, received authorization from the United States Securities and Exchange Commission (SEC) to initiate the first spot Bitcoin exchange-traded funds (ETF) in the US on January 10.
BlackRock’s participation in the spot Bitcoin ETF competition instilled a renewed sense of hope among crypto advocates, as the firm manages over $8 trillion in assets and boasts an outstanding record of ETF approvals.
Historically, BlackRock has achieved 575 approvals against a single ETF rejection, and with the recent spot BTC approval, this record now stands at 576-1.
This impressive track record was a significant factor that led analysts and market experts to anticipate a favorable decision even prior to the SEC’s announcement.
BlackRock submitting their ETF application pic.twitter.com/rJNPCXwr0v
— rwlk (@sherlock_hodles) January 10, 2024
In the wake of the spot BTC ETF approvals, the crypto community has begun to speculate about the likelihood of an Ether ETF approval in May.
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See Also: US SEC Approves Spot Bitcoin ETFs To Trade On US Markets
BlackRock submitted an application for a spot Ether ETF in November 2023. The SEC’s deadline for a decision on this application is May 23, and many in the crypto space are optimistic about the possibility of approval for a spot Ether ETF.
BlackRock doesn't lose. Looking like August for $ETH ETF. https://t.co/rlJmE3RIRZ pic.twitter.com/G2sbA0Mysl
— fewture (@fewture) January 11, 2024
Bloomberg’s senior analyst Eric Balchunas, who predicted a 95% likelihood of approval for the spot BTC ETF applications leading up to the SEC’s decision on January 10, now estimates a 70% chance for an Ether ETF approval in May.
New deadline to obsess over just dropped
May 23rd is the final deadline for decision on VanEck’s spot ETH ETF pic.twitter.com/dgi5EVbPeQ
— Will (@WClementeIII) January 10, 2024
The price of Ether surged by 10% on the day the BTC ETF was approved. In contrast, BTC remained within the same trading range throughout the day, briefly dipping below $46,000 before bouncing back.
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The post Spot Bitcoin ETF Is Already Approved, Is Spot Ether ETF The Next? appeared first on BitcoinWorld.
