Spot Ethereum ETF Approval Likely This Week

Nate Geraci, president of ETF Store, predicts the approval of a spot Ethereum (ETH) exchange-traded fund (ETF) this week. This potential approval has excited the crypto community, with analysts expecting a significant impact on the market and Ethereum's price. Analysts and industry leaders, including Matt Hougan, CIO of Bitwise Asset Management, share Geraci's optimism. They believe this approval could drive major interest and investment in Ethereum, potentially transforming the broader crypto industry.

Geraci’s prediction follows extensive discussions and regulatory filings for the Ethereum ETF. He shared his expectations on social media, saying, “Welcome to spot ETH ETF approval week… I’m calling it. Don’t know anything specific, just can’t come up with a good reason for any further delay at this point. Issuers ready for launch.” This statement has sparked considerable interest and anticipation.

In a CNBC’s ETF Edge appearance, Geraci and Hougan discussed the likely approval and its implications. Hougan noted the minimal changes required in the latest filings, indicating the approval is near. “That [the minimal amendments] tells us that we’re getting closer to the finish line. This has been a very fast process. Remember, only two months ago, no one thought we were going to see these ETFs. Now it seems likely we will. And we’ll see what the response is,” Hougan remarked.

Geraci highlighted the growing interest in crypto assets among institutional investors and financial advisors. Despite current market conditions, the demand for Ethereum could mirror the success of Bitcoin ETFs. “Spot Bitcoin ETFs were the most successful ETF launch in the industry’s history. I think spot Ethereum ETFs could be the second most successful launch ever,” Geraci stated.

Michaël van de Poppe, founder of crypto consulting firm MN Trading, echoed this sentiment. He highlighted Ethereum’s recent performance and its outpacing of Bitcoin. Van de Poppe suggested the Ethereum ETF could further enhance its market dominance. “The upcoming Ethereum ETF will likely push it even further, making the potential bearish divergence on the weekly timeframe inevitable,” he explained.

Experts also believe the spot Ethereum ETF will lead to more crypto ETFs. BeInCrypto reported that earlier this month, the Chicago Board Options Exchange (CBOE) presented the 19b-4 form for trading the spot Solana ETF for VanEck and 21Shares. However, the US Securities and Exchange Commission (SEC) has until 2025 to respond to the request.

In summary, the expected approval of the spot Ethereum ETF could be a major milestone for the crypto market. Industry leaders and analysts' optimism highlights the potential impact on Ethereum’s price and the broader adoption of digital assets. As the approval process nears its end, the crypto community remains eagerly attentive to the developments that could reshape the industry's landscape.