As 11 Bitcoin spot ETFs received approval from the U.S. Securities and Exchange Commission (SEC) on Wednesday (10th), the market began to turn its attention to the approval time of the Ethereum spot ETF. According to Cointelegraph, Bloomberg ETF analyst Eric Balchunas believes that there is a 70% chance that an Ethereum spot ETF will be approved in May this year.
Balchunas previously told Cointelegraph that he could not imagine a situation where a Bitcoin spot ETF was approved but an Ethereum spot ETF was not, noting that he had heard from unofficial sources that an Ethereum spot ETF "would not be a problem."
At the same time, digital asset lawyer Joe Carlasare also believes that the Ethereum spot ETF will be approved this year, but the process "will take a little longer than people expect."
“Ethereum spot ETFs will be approved, (but) the SEC will try to carefully set a precedent that allows them to retain some discretion in deciding which digital asset ETFs will be allowed to list,” Carlasare said: “In other words, I think The SEC is trying to provide guidance to prevent applicants from submitting ETF applications for every major token."
Balchunas said he estimates there is a 70% chance that the Ethereum spot ETF will be approved before May (the SEC needs to make final decisions on several applications that month), although he also noted that the exact timing of the launch is less clear.
New deadline to obsess over just droppedMay 23rd is the final deadline for decision on VanEck’s spot ETH ETF pic.twitter.com/dgi5EVbPeQ
— Will (@WClementeIII) January 10, 2024
Carlasare believes that the Ethereum spot ETF will not start trading until the third quarter of 2024, and Hashdex, one of the ETF applicants, recently stated that this Ethereum investment product will start trading as early as the second quarter. Steven McClurg, chief investment officer of Valkyrie Funds, said before the SEC approved the Bitcoin spot ETF that he would not be surprised if the Ethereum spot ETF and XRP ETF were listed after Bitcoin.
Following the earlier news of the approval of a Bitcoin spot ETF, the price of Ethereum (ETH) has risen by about 5% as of the publication of this article, standing above $2,600, setting a new high since May 2022.
ETH price trend in the past year (Source: TradingView)
Related reports: "Standard Chartered Bank: Bitcoin may reach US$200,000 by the end of 2025, Ethereum spot ETF is expected to be approved in the second quarter of this year" "Bloomberg analysts said that the U.S. SEC has defaulted that Ethereum is a commodity and believes that Ethereum spot ETF may Approved》
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