After Bitcoin ETF Approval, Arrows Turned to Ethereum: 70 Percent Chance Given! - Coin Newsletter

After the approval of the spot Bitcoin exchange-traded fund (ETF) applications, all eyes turned to the spot Ethereum ETF.

The spot Bitcoin ETF was approved on Jan. 10, and Bitcoin has gained legitimacy, especially in the face of institutional investors. The fact that many companies that have applied for a Bitcoin ETF also have a demand for an Ethereum ETF has drawn attention to that side.

Emphasizing that the fate of Ethereum ETFs has depended on Bitcoin ETFs from the very beginning, the analyst did not hesitate to make positive statements after the approval received yesterday.

Bloomberg analyst Eric Balchunas, who made a statement on the subject and stands out with his accurate predictions about the spot Bitcoin ETF process, stated that spot Ethereum ETFs could be approved with a 70% probability by next May.

Currently, financial giants such as BlackRock, Fidelity, Hashdex, ARK-21Shares, VanEck, Invesco and Grayscale have applied for spot Ethereum ETFs. The U.S. Securities and Exchange Commission (SEC) is scheduled to launch its work on Ethereum ETFs shortly.

Offering a different perspective on the issue and advocating for many cryptocurrency companies, Joe Carlasare** stated that Ethereum ETFs could be approved this year, but the approval may take longer than expected**:

Ethereum spot ETFs will be approved, but the SEC will try to carefully establish a precedent that allows them to retain some discretion in determining which digital asset ETFs will be allowed to hit the market. In other words, I think the SEC is trying to provide some guidance that will discourage applicants from applying for ETFs for every major token.

Ethereum, which attracted attention in a short time after the legitimacy given to Bitcoin, managed to stand out with its performance yesterday.

According to CoinGecko data, Ethereum, which has risen 8.8% in the last 24 hours, is trading at $2,585 at the time of writing.