ETF Ethereum Expected to Launch Before May 2024, Says Balchunas:
The price of ETH has seen a 10% increase in 24 hours.
The likelihood of an Ethereum ETF approval is estimated at 70% by a Bloomberg analyst.
The approval of several Bitcoin ETFs reinforces investor optimism for a potential Ethereum ETF.
The First Ethereum Spot ETF Will Be Approved in 2024?
According to Eric Balchunas, an analyst at Bloomberg, the probability of an Ethereum ETF approval by the US SEC is estimated at around 70%. He even suggests that this approval could happen by May 2024.
Joe Caselin, the Head of Marketing at BIT exchange, believes that the approval of an Ethereum ETF could have a significant impact on the market, stating that it “already has great appeal among institutional investors.”
BlackRock filed its ETH ETF application in November 2023, and although it is much less certain than the numerous approved BTC ETF applications, the potential is enormous as it would be the first product of its kind for ETH
said Joe Caselin
Such a decision would open the door to more diversified financial products, increasing institutional access and adoption of Ethereum. Additionally, it could pave the way for ETFs based on other cryptocurrencies, such as Solana, as envisioned by many experts and ecosystem analysts.
Speculations Surrounding Ethereum ETF Drive ETH Price Surge
Speculations about the potential approval of an Ethereum Exchange-Traded Fund (ETF) by the SEC have led to a significant increase in the price of ETH.
Investors display strong optimism, reflected in an approximately 20% price increase for ETH since the beginning of the week, including over 10% in the last 24 hours. Ether is currently trading around $2665, a level unseen since the market crash in May 2022.
This price surge is likely attributed to the recent approval of several Bitcoin ETFs by the SEC.