Bloomberg’s ETF analysts predict that the US SEC is more likely to approve an Ethereum futures ETF than a spot Bitcoin ETF this year.
The SEC is currently reviewing numerous Bitcoin and Ethereum exchange-traded funds (ETFs), suggesting the possibility of approving multiple ETFs by the end of the year.
Companies like ProShares and Bitwise are actively filing for different types of ETFs that track the prices of both BTC and ETH. Notably, there are now 12 Ethereum-related ETFs seeking approval.
ProShares and Bitwise jointly file for 7 Bitcoin and Ethereum ETFs
ProShares and Bitwise have submitted three applications to the U.S. Securities and Exchange Commission (SEC) for ETFs focused on Bitcoin (BTC) and Ethereum (ETH). ProShares applied for the Bitcoin & Ether Equal Weight Strategy ETF, which will follow the Bitcoin & Ether Equal Weight Index. ProShares also filed a total of four applications for Ethereum-focused ETFs this week.
Bitwise also joined in with applications for the Bitcoin and Ether Market Cap Weight Strategy ETF and the Bitcoin and Ether Equal Weight Strategy ETF. They filed three Ethereum-based ETF applications this week.
Bloomberg’s ETF analysts, James Seyffart and Eric Balchunas, observed that there are now 12 Ether futures ETF filings. Balchunas has a strong belief (95%) in Ether futures getting approved, while the odds of the US SEC approving a spot Bitcoin ETF this year increased to 65% from 50% a few weeks ago. However, the odds for an Ethereum ETF approval are at 75%.
Expected Rally in Bitcoin and Ethereum Prices
Traditional finance firms, including BlackRock, are urging the SEC to approve a spot Bitcoin ETF. The outcome of the Grayscale lawsuit against the SEC is considered a crucial factor influencing the possibility of a spot Bitcoin ETF approval this year.
In the past 24 hours, the price of Bitcoin has increased by 0.5%, currently trading at $29,183. The lowest and highest prices within this period were $28,959 and $29,375, respectively. Notably, the trading volume has decreased by 17% in the last 24 hours.
On the other hand, Ethereum’s price is trading at $1,835, showing a slight increase of 0.35%. The 24-hour low and high for Ethereum are $1,825 and $1,856, respectively.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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