Bloomberg Analyst: 70% Chance of Ether Spot ETF Approval in May

Bloomberg Analyst: 70% Chance of Ether Spot ETF Approval in May

Bloomberg Analyst: 70% Chance of Ether Spot ETF Approval in May

With the approval of 11 Bitcoin spot ETFs by the U.S. Securities and Exchange Commission (SEC) on Wednesday the 10th, the market has turned its attention to the approval time for Ethereum spot ETFs. According to Cointelegraph, Bloomberg ETF analyst Eric Balchunas believes that there is a high possibility of Ethereum spot ETFs being approved in May this year, reaching up to 70%.

Balchunas previously stated to Cointelegraph that he cannot imagine a situation where Bitcoin spot ETFs are approved but Ethereum spot ETFs are not, and he also mentioned that he heard from unofficial sources that there would be “no problem” with Ethereum spot ETFs.

At the same time, digital asset lawyer Joe Carlasare also believes that Ethereum spot ETFs will be approved this year, but the process “will take longer than people expect.”

Balchunas stated that he estimates there is a 70% chance that Ethereum spot ETFs will be approved before May (the SEC needs to make final decisions on several applications that month), but he also pointed out that the specific launch time is still not clear.

Carlasare believes that Ethereum spot ETFs will not begin trading until the third quarter of 2024, while one of the ETF application institutions, Hashdex, recently stated that this Ethereum investment product will start trading in the second quarter. Steven McClurg, the Chief Investment Officer of Valkyrie Funds, also stated before the SEC approved Bitcoin spot ETFs that he would not be surprised if Ethereum spot ETFs and XRP ETFs are listed after Bitcoin.

After the news of the approval of Bitcoin spot ETFs came out earlier, the price of Ethereum (ETH) has risen by about 5% before the publication of this article, reaching $2,600, hitting a new high since May 2022.

ETH price trend in the past year (source: TradingView)

Related reports: “Standard Chartered Bank: Bitcoin may reach $200,000 by the end of 2025, Ethereum spot ETF is expected to be approved in the second quarter of this year” and “Bloomberg analyst claims that the U.S. SEC has tacitly recognized Ethereum as a commodity and believes that Ethereum spot ETFs may be approved.”