Bloomberg Predicts Possible SEC Approval for Ethereum ETF in May

• SEC Approves 11 Spot Bitcoin ETFs, Eyes Now on Ethereum
• Predictions for Ethereum ETF Approval
• Digital Asset Lawyer's Perspective
• Companies Applying for Spot ETH ETF
• Potential Impact on Ethereum's Value
• Standard Chartered's Ethereum Forecast

SEC Approves 11 Spot Bitcoin ETFs, Eyes Now on Ethereum

In a major development for the cryptocurrency industry, the United States Securities and Exchange Commission (SEC) has given its approval for 11 spot Bitcoin$42,260 -0.64% (BTC) Exchange Traded Funds (ETFs) as of January 10, 2024. The focus has now shifted towards a potential spot Ethereum$2,315 -2.42% (ETH) ETF.

Predictions for Ethereum ETF Approval

Bloomberg ETF analyst Eric Balchunas predicts a 70% likelihood of the SEC granting approval for an Ethereum (ETH) ETF by May 2024. Balchunas suggests that Ethereum's fate is closely linked to that of Bitcoin, stating, 'The Ether spot is tied to the hip of [the] Bitcoin spot for sure. It's gonna go wherever it goes. It's essentially on a 15-foot rope following it.' While Balchunas had earlier shown caution regarding a spot BTC ETF, he now appears optimistic about an ETH ETF, believing it has a high likelihood of approval.

Digital Asset Lawyer's Perspective

Meanwhile, digital asset lawyer Joe Carlasare anticipates a spot ETH ETF will be approved by the SEC, but also warns that it may take longer than expected.

Companies Applying for Spot ETH ETF

Potential Impact on Ethereum's Value

Subsequent to the SEC's approval, the crypto markets witnessed a rally, with altcoins rather than Bitcoin leading the surge. Major altcoins have recorded double-digit growth in daily charts, while BTC has risen under 1%. The approval of a spot Ethereum (ETH) ETF, in addition to the recently approved spot BTC ETFs, could potentially trigger a bull run for the crypto markets. In such a scenario, ETH could reach a new all-time high.

Standard Chartered's Ethereum Forecast

According to Standard Chartered, Ethereum (ETH) could potentially reach $8,000 by 2026. Furthermore, the bank forecasts ETH to eventually hit a staggering $35,000.

Edited by Jonathan Stoker