With 11 spot Bitcoin ETFs already approved and trading, the cryptocurrency market is now speculating on the possibility and timing of a spot Ethereum ETF.
Brett Tejpaul, president of Coinbase Institutional, revealed in a recent interview that there is significant interest and enthusiasm among his clients for the spot Ethereum ETF. He also noted that several leaders in the field have expressed their belief in the value of such a product.
Matt Kunke: “I Give a 75 Percent Chance of Ethereum Spot ETF Approval in May”
Matt Kunke, research analyst at crypto market making company GSR, said the following in his statement on the subject:
“We expect a spot Ethereum ETF approval with an estimated 75% probability in May. This optimistic outlook builds on Grayscale’s Court of Appeals victory and subsequent approval of the Ethereum Futures ETF, collectively indicating that it is only a matter of time before a spot Ethereum ETF is approved.”
Kunke also added that if the SEC rejects existing applications for spot Ethereum ETFs in May, an appeal would be inevitable. He believes that in such a scenario, the SEC would take the path of least resistance by approving the products and remain skeptical towards other cryptocurrencies.
Philippe Bekhazi, founder and CEO of institutional crypto trading platform XBTO, echoed this sentiment:
“I firmly believe we will see a spot Ethereum ETF approved this year. “I firmly believe we will see a spot Ethereum ETF approved this year,” he said. “Bitcoin and Ethereum are both futures listed and regulated on the CME and are likely considered fairly equal in the eyes of the SEC. Additionally, if market conditions remain strong, more pressure will be applied to make the asset accessible to institutions. Approval is definitely not a question of “if” but a question of “when.”
Bitwise CIO Matt Hougan also thinks the path to an Ethereum ETF is clear:
“In our view, all the ingredients are there, including the existence of a large and robust regulated futures market and the existence of Ethereum futures ETFs. However, Ethereum has a more complex structure than Bitcoin, so its timing is uncertain. “I would say there is a high probability that Ethereum will be approved in 2024, but it is not certain.”
*This is not investment advice.
