The Ethereum spot ETF is expected to be approved for listing within this year, and Bloomberg analysts predict that ETH will surge by 11%

Bloomberg analysts expect that the Ethereum spot ETF will be approved and listed within this year. This news triggered strong market demand for Ethereum and pushed the price of ETH up 11%. Investors are confident in the future prospects of Ethereum and hope to obtain investment opportunities in Ethereum through the investment tool of ETF.

The U.S. Securities and Exchange Commission (SEC) officially approved applications for all 11 Bitcoin spot ETFs this morning. This decision is seen by many experts as a signal that the SEC may approve the listing of an Ethereum spot ETF within this year.

According to “Cointelegraph”, Bloomberg ETF analyst Eric Balchunas predicts that the Ethereum (ETH) spot ETF has a 70% chance of receiving SEC approval in May. Although he believes that the specific time for launch is currently unclear.

In my opinion, the Bitcoin spot ETF is more likely to be approved than the Ethereum spot ETF. This is because Bitcoin, as the leader in the cryptocurrency market, has wider recognition and investor base. Although Ethereum is somewhat related to Bitcoin, the development of Ethereum focuses more on smart contracts and decentralized applications. Therefore, it makes sense that the Ethereum spot ETF is not approved.

Balchunas also revealed that he heard through behind-the-scenes channels that the approval of the Ethereum spot ETF “will be good.”

Bloomberg Analyst: It is expected to see Ethereum spot ETFs approved for listing within the year

There are currently 7 Ethereum spot ETF applications awaiting SEC approval, and applicants include BlackRock ( Institutions such as BlackRock, Fidelity, Grayscale, VanEck, Ark/21Shares, Invesco/Galaxy and Hashdex.

The SEC’s final approval decision deadline for VanEck, ARK 21Shares and Hashdex Ethereum spot ETFs will fall in May 2024, and other applications will be in the next 6 to August.

Bloomberg ETF analyst James Seyffart pointed out that when the SEC approved an Ethereum-related futures ETF last year, it hinted that Ethereum was considered a commodity. This means that the first Ethereum spot ETF may be listed this year.

7 Ethereum spot ETFs waiting for SEC approval

Expert: Approval may take longer than expected

Another same An expert who believes that the SEC will approve the first batch of Ethereum spot ETFs within the year is digital asset lawyer Joe Carlasare, but he believes that the time will not be as early as May, and "it will take longer than people expect." He predicts It may not be approved for listing until the third quarter of this year.

“Ethereum spot ETFs will be approved, but the SEC will try to carefully craft a precedent that allows them to retain some discretion in deciding which digital asset ETFs are approved to enter the market. In other words, I think the SEC Attempts are being made to provide guidance to prevent applicants from submitting ETFs for each major token.”

And recently, Hashdex, one of the applicants for the Ethereum spot ETF, is expected to start trading as soon as the second quarter of this year. Steven McClurg, chief investment officer of Valkyrie Funds, said, "I would not be surprised if the ETH spot ETF and the Ripple (XRP) ETF are listed after the Bitcoin spot ETF is approved."

ETH surged 11% in the past 24 hours

It is worth noting that in terms of currency prices, the clearance of the Bitcoin spot ETF today did not drive Bitcoin to rise sharply, but instead made the performance relatively weak a while ago. ETH has surged 11% in the past 24 hours. It once reached US$2,643 in the morning and was trading at US$2,612 at the time of writing.

It is expected that the upcoming Cancun upgrade and the potential approval of the Ethereum spot ETF will be the focus of attention to promote the subsequent rise of ETH.

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