Bitwise researcher Ryan Rasmussen thinks there’s a 50% likelihood that spot Ethereum ETFs will acquire approval within the coming months.
Rasmussen shared his insights on the alternatives throughout a Feb. 26 interview with Yahoo Finance. He mentioned:
“I am definitely unsure the market is essentially at some extent the place the SEC wish to see it approve these spots. [Ethereum] ETFs in Might. I feel there’s a few 50/50 likelihood that we’ll see an approval, or we’ll see a rejection and kick it to a brand new spherical of purposes sooner or later.
Different sources, together with Matt Hougan, head of Bitwise World Analysis, beforehand predicted a close to 50% likelihood that spot ETH ETFs will acquire approval in Might. In the meantime, the probabilities of approval are barely decrease on the Polymarket web site: 41%.
The SEC should resolve VanEck’s spot Ethereum ETF software earlier than the Might 23 deadline and is predicted to resolve the opposite purposes on the similar time, because it did with the spot Bitcoin ETFs.
Rasmussen additionally mentioned that the US SEC didn’t approve Bitcoin ETFs till Grayscale filed a lawsuit over the applying denial. 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 an applicant would have the ability to file a lawsuit at this stage of the method.
Bitwise believes ETFs will drive costs larger
Bitwise doesn’t presently have a pending spot Ethereum ETF software, however was one in every of a number of candidates to obtain approval for a spot Bitcoin ETF in January.
Rasmussen famous that Bitwise is “extraordinarily glad” with the success of Bitcoin ETFs. He mentioned the corporate has seen $1 billion in belongings movement into its personal Bitwise Bitcoin ETF (BITB) and the ETFs have collectively seen greater than $15 billion in belongings movement.
Rasmussen additionally predicted that spot Bitcoin ETFs and different funds will drive up crypto costs as beforehand “sidelined” institutional buyers purchase in. He mentioned:
“If such a requirement shock hits the market, I feel it is no shock that we have seen the value of Bitcoin rise… I feel will probably be the identical for Ethereum or different belongings if different ETFs have been to return alongside. 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 instructed that crypto will “rise from the ashes” of the weak market of 2022 and enter a multi-year bull cycle. Rasmussen concluded by reiterating Bitwise’s earlier worth predictions, saying the flagship crypto continues to be on observe to hit a brand new all-time excessive of at the very least $88,000 by the top of 2024.
Ethereum Market Information
On the time of printing 00:59 UTC on February 27, 2024Ethereum is quantity 2 by way of market capitalization and so is its worth upwards 1.62% within the final 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 ›
Abstract of the crypto market
On the time of printing 00:59 UTC on February 27, 2024the whole crypto market is valued at € $2.08 trillion with a 24 hour quantity of $86.28 billion. Bitcoin’s dominance presently stands at 51.41%. Be taught extra in regards to the crypto market ›
