Is an ETH ETF Approval the Next Big Thing in Crypto?

January 11, 2024

After yesterday’s historical spot BTC ETF approval, can you guess what’s cooking in the crypto kitchen? Rumor has it that Ethereum might be getting its own ETF nod in May, and the market is riding the speculation rollercoaster!

The ETF guru, Eric Balchunas from Bloomberg, is giving it a 70% chance of happening. That’s like saying there’s a 70% chance of finding a unicorn at the end of a rainbow! ??

ETH ETF Price Speculation

In the last 24 hours, Ethereum’s price did a happy dance, shooting up 8% to $2,671. Talk about crypto optimism! It’s like the market’s shouting, ‘Show me the ETH ETF, baby!’ This follows the SEC giving a nod to eleven Bitcoin ETFs, making it rain in the crypto space.

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Joe Caselin from BIT crypto exchange spilled the beans, saying, ‘It’s a classic case of ‘buy the rumor, ignore the news, buy the next rumor.’ BlackRock, the big player in town, filed for an ETH ETF in November 2023. While it’s not as certain as getting your morning coffee, the potential is massive. It could be Ethereum’s debutante ball in the ETF world!’

On X speculations are already circulating about the new potential date of an ETH ETF by VanEck on May 23rd, 2024. Yes, you read that right, that’s this year!

But, and there’s always a but, there’s some drama. The current SEC chair, Gary Gensler, is not exactly throwing a crypto party. He thinks every crypto, except Bitcoin, is a financial security. It’s like saying every pizza topping, except cheese, is just a weird choice. ?

But hey, there’s hope! Gensler’s predecessor, Jay Clayton, once hinted that if some tokens spread their wings and become super decentralized, they might dodge the financial security label. William Hinman, a former SEC director, even said back in 2018 that Ethereum, with its decentralized vibe, is not a financial security.

Final Words

So, will Ethereum get the golden ticket to the ETF party? We’ll find out soon. Until then, let the rumors roll, and may the crypto odds ever be in your favor!” ??

Make sure you trade responsibly with risk management and this will be a fun year.

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