Bitwise researcher Ryan Rasmussen believes there’s a 50% probability 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 mentioned:
“I actually don’t know if the market is essentially at some extent that the SEC want to see with the intention to approve these spot [Ethereum] ETFs this Could. I believe it’s a couple of 50/50 % probability 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 Could. 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 Could 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 could be needed for ETH ETFs.
Moreover, it’s unclear whether or not any applicant may file a lawsuit at this stage of the method.
Bitwise believes ETFs will drive costs upward
Bitwise doesn’t at present have a pending spot Ethereum ETF utility however was one in every of a number of candidates that gained approval for a spot Bitcoin ETF in January.
Rasmussen famous that Bitwise is “tremendously comfortable” with the success of Bitcoin ETFs. He mentioned that the agency has seen $1 billion in belongings stream into its personal Bitwise Bitcoin ETF (BITB) and that the ETFs have collectively seen greater than $15 billion in asset stream.
Rasmussen additionally predicted that spot Bitcoin ETFs and different funds will drive up crypto costs as beforehand “sidelined” institutional traders purchase in. He mentioned:
“When we have now that sort of demand shock coming into the market, I believe it’s no shock that we’ve seen the value of Bitcoin rise … I believe it will likely be the identical for Ethereum or different belongings if there have been different ETFs to return 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 development.
He recommended that crypto is “rising from the ashes” of the weak 2022 market and is coming into a multi-year bull cycle. Rasmussen concluded by restating Bitwise’s earlier worth predictions and mentioned that the flagship crypto remains to be on monitor to achieve a brand new all-time excessive of not less than $88,000 by the top 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 value 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. Be taught extra about Ethereum ›
Crypto Market Abstract
On the time of press 12:59 am UTC on Feb. 27, 2024, the whole crypto market is valued at at $2.08 trillion with a 24-hour quantity of $86.28 billion. Bitcoin dominance is at present at 51.41%. Be taught extra in regards to the crypto market ›
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