Angel investor and entrepreneur Anthony Pompliano, who is also a renowned Bitcoin supporter, has published a tweet about his take on the impact that an approval of the Ethereum ETF is likely to have.
In the meantime, according to a recent report, the odds of the regulator approving spot Ethereum ETFs have increased to 75%. Still, not all cryptocurrency influencers expect these ETFs to get the green light.
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"The last dam to be broken" for crypto
Prominent Bitcoin advocate Pompliano, who holds BTC and has launched several business projects in the crypto space, tweeted that if the SEC decides to issue a positive decision on the spot Ethereum ETF after all, in that case they will be “approving the entire industry.”
After spot Bitcoin exchange-traded funds got approved in January after many months of waiting, he pointed out that the potential approval of the ETFs based on Ethereum is “the last dam to be broken” for the crypto space to be entirely embraced by Wall Street.
If they approve the Ethereum ETF, they are approving the entire industry. This is the last dam to be broken.
— Pomp 🌪 (@APompliano) May 21, 2024
Several companies, including Ark Invest, BlackRock, VanEck and Grayscale (who wants to convert their Ethereum Trust into a spot ETF), filed submissions for spot funds based on Ethereum after their Bitcoin ETFs were allowed to start trading.
Many crypto influencers have been watching this situation. They have split into those who believe the SEC will approve the ETFs and those who do not believe it will happen this year. Dogecoin cofounder Billy Markus belongs to the latter. On Monday, he shared his take on the X platform.
seems unlikely no?
— Shibetoshi Nakamoto (@BillyM2k) May 20, 2024
Odds of ETFs approval surge high, Ethereum soars
According to a recent tweet published by the Santiment on-chain data aggregator, Bloomberg analysts have made another assessment of the Ethereum ETF situation and have published a positive outcome. Now, per the report, chances for the spot ETFs to be allowed to launch have increased to 75% after staying at 25%.
This has provoked the immediate growth of Ethereum, pushing the second-largest cryptocurrency on the market above the $3,650 level for the first time since April 9. At the time of writing this, Ethereum is changing hands at $3,735 upon demonstrating a whopping 20.7% price jump. Still, there is also a risk that the SEC may label Ethereum a security.
