Wed. May 22nd, 2024
ethereum
  • Analysts foresee the approval of spot Ethereum ETFs in 2024.
  • Major players like BlackRock, VanEck, ARK 21Shares, Fidelity, Invesco Galaxy, Grayscale, and Hashdex have filed applications with the SEC.
  • Ethereum’s price surged post the approval of spot Bitcoin ETFs.
  • Predictions vary, with some anticipating trading to start in the third quarter, while others suggest as early as the second quarter.

Spot Ethereum ETFs on the Horizon

With the recent approval of 11 spot Bitcoin ETFs on January 10, all eyes are now on the potential approval of spot Ethereum ETFs in 2024. This development has stirred considerable excitement among major players in the cryptocurrency space.

Key Players and SEC Filings

Leading the charge are prominent names such as BlackRock, VanEck, ARK 21Shares, Fidelity, Invesco Galaxy, Grayscale, and Hashdex, who have all submitted applications for spot Ethereum ETFs to the US Securities and Exchange Commission (SEC). This signals a growing interest in expanding investment opportunities beyond Bitcoin.

Ethereum’s Price Surge

The approval of spot Bitcoin ETFs had an immediate impact on Ethereum’s market performance, witnessing a nearly 3% increase. Ethereum’s price surpassed $2,500 for the first time since May 2022, demonstrating the market’s positive response to ETF developments.

Differing Predictions on Trading Commencement

As experts weigh in on the timeline for spot Ethereum ETFs, there is a range of predictions. Carlasare anticipates that trading may not commence until the third quarter of 2024. However, Hashdex, one of the applicants, suggests a more optimistic outlook, hinting at a possible start in the second quarter.

Confidence in SEC Approval

Notably, industry analysts like James Seyffart, a Bloomberg ETF analyst, express confidence in the SEC’s approval of spot Ethereum ETFs. He points to the SEC’s implicit recognition of Ethereum as a commodity when approving Ethereum futures ETFs in September.

Conclusion

The anticipation surrounding the approval of spot Ethereum ETFs in 2024 reflects the evolving landscape of cryptocurrency investments. With major players actively seeking SEC approval, the market is poised for further diversification, and investors eagerly await the potential opportunities that spot Ethereum ETFs may bring. As predictions vary, the crypto community will closely monitor developments in the coming quarters, marking another significant chapter in the expanding world of cryptocurrency exchange-traded funds.

By admin

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