Bitwise researcher Ryan Rasmussen believes there’s a 50% likelihood that spot Ethereum ETFs will acquire approval within the coming months.
Rasmussen shared his insights on the chances throughout a Feb. 26 interview with Yahoo Finance. He stated:
“I actually don’t know if the market is essentially at a degree that the SEC wish to see so as to approve these spot [Ethereum] ETFs this Might. I believe it’s a few 50/50 p.c likelihood that we’ll see approval or we’ll see rejection and kick it out to a different … spherical of purposes sooner or later.”
Different sources, together with Bitwise World Head of Analysis Matt Hougan, beforehand predicted near 50% odds that spot ETH ETFs will acquire approval in Might. In the meantime, the chances for approval are barely decrease on the Polymarket web site at 41%.
The SEC has to determine on VanEck’s spot Ethereum ETF utility by the Might 23 deadline and is predicted to determine on the opposite purposes concurrently because it did with the spot Bitcoin ETFs.
Rasmussen additionally mentioned that the US SEC didn’t approve Bitcoin ETFs till Grayscale initiated a lawsuit regarding dismissing its utility. He added that it’s unsure whether or not an analogous lawsuit is likely to be crucial for ETH ETFs.
Moreover, it’s unclear whether or not any applicant might file a lawsuit at this stage of the method.
Bitwise believes ETFs will drive costs upward
Bitwise doesn’t at the moment have a pending spot Ethereum ETF utility however was certainly one of a number of candidates that gained approval for a spot Bitcoin ETF in January.
Rasmussen famous that Bitwise is “tremendously completely happy” with the success of Bitcoin ETFs. He stated that the agency has seen $1 billion in property movement into its personal Bitwise Bitcoin ETF (BITB) and that the ETFs have collectively seen greater than $15 billion in asset movement.
Rasmussen additionally predicted that spot Bitcoin ETFs and different funds will drive up crypto costs as beforehand “sidelined” institutional buyers purchase in. He stated:
“When we now have that form of demand shock coming into the market, I believe it’s no shock that we’ve seen the worth of Bitcoin rise … I believe it will likely be the identical for Ethereum or different property if there have been different ETFs to come back to markets.”
Rasmussen additionally described different occasions impacting the crypto market, together with Bitcoin’s upcoming halving, Ethereum’s upcoming Dencun improve, NFT buying and selling volumes, and Solana’s worth progress.
He instructed that crypto is “rising from the ashes” of the weak 2022 market and is getting into a multi-year bull cycle. Rasmussen concluded by restating Bitwise’s earlier worth predictions and stated that the flagship crypto continues to be on monitor to achieve a brand new all-time excessive of at the very least $88,000 by the tip of 2024.
Ethereum Market Information
On the time of press 12:59 am UTC on Feb. 27, 2024, Ethereum is ranked #2 by market cap and the worth is up 1.62% over the previous 24 hours. Ethereum has a market capitalization of $380.76 billion with a 24-hour buying and selling quantity of $17.28 billion. Study extra about Ethereum ›
Crypto Market Abstract
On the time of press 12:59 am UTC on Feb. 27, 2024, the entire crypto market is valued at at $2.08 trillion with a 24-hour quantity of $86.28 billion. Bitcoin dominance is at the moment at 51.41%. Study extra in regards to the crypto market ›
