May 29, 2024
Hope for Ether ETF Approval After BlackRock's Success with Bitcoin
Latest Cryptocurrency News

May Brings Hope for Ether ETF Approval

On January 10, the United States Securities and Exchange Commission (SEC) approved BlackRock, the world’s largest asset manager, and 13 other institutional giants to launch the first spot Bitcoin exchange-traded funds (ETF) in the United States. The entry of BlackRock into the spot Bitcoin ETF competition brought a renewed sense of optimism among crypto proponents.

BlackRock holds the position of the world’s largest asset manager, managing over $8 trillion in assets and boasting an impeccable ETF approval record. Throughout its history, BlackRock has received 575 approvals and faced only one ETF rejection. With the approval of spot BTC, the record now stands at 576-1. This impressive track record played a significant role in analysts and market pundits anticipating a positive outcome even before the SEC’s decision.

Following the approval of spot BTC ETFs, speculation within the crypto community has already begun regarding the potential approval of a spot Ether ETF in May. BlackRock filed for a spot in the ETF in November 2023, and the SEC is expected to decide by May 23. Many crypto proponents are optimistic about the approval of a spot Ether ETF.

Bloomberg senior analyst Eric Balchunas, who had predicted a 95% chance of spot BTC ETF approvals leading up to the SEC’s decision on January 10, now believes there is a 70% chance of an Ether ETF approval in May. On the day of BTC ETF approval, the price of Ether surged by 10%. However, BTC maintained a consistent trading range throughout the day, briefly dipping below $46,000 before recovering.

Image by freepik

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