SEC's Spot Bitcoin ETF Approval Boosts Expectations for Ethereum ETFs
Approval Expected by May 31, 2024
In a landmark decision, the Securities and Exchange Commission (SEC) approved the launch of over 10 spot Bitcoin exchange-traded funds (ETFs) in early 2024. This move has sparked optimism that the SEC will also approve a spot Ethereum ETF.
Positive Outlook for Ethereum
A betting website has placed odds at 75% that the SEC will approve a spot Ethereum ETF by May 31, 2024. This confidence stems from the SEC's recent track record of approving spot Bitcoin ETFs.
Market Response
The expectation of Ethereum ETF approval has had a positive impact on the cryptocurrency market. Bitcoin (BTC) has rallied along with Ethereum (ETH), with BTC now trading above $70,000.
Analyst's Insights
Bloomberg analyst Eric Balchunas recently increased his firm's odds of the 19b-4 filings approval to 75%. He believes that the SEC's recent actions indicate an openness to approving spot Ethereum ETFs.
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