IMPORTANT POINTS:
- There is a 75% chance of approval of the Ethereum Futures ETF in the US in 2023.
- The SEC has shown a shifting stance towards cryptocurrencies.
- The approval could happen in October, two years after the first Bitcoin futures ETF.
At a crucial time for the cryptocurrency industry, Bloomberg analysts see a 75% chance that the Ethereum Futures ETF will be approved in the US. in 2023. The recent flood of applications has led to this notable increase in the probability of approval.
James Seyffart and Eric Balchunas, two Bloomberg ETF analysts, have said the chances of approval have increased dramatically with the recent flurry of applications for Ethereum ( ETH ) futures ETFs to the US Securities and Exchange Commission (SEC). This, on the other hand, indicates a significant change in the SEC’s stance towards cryptocurrencies.
“The chances of Ethereum futures ETFs hitting exchanges this year have risen dramatically to 75%, in our opinion, after a flurry of 12 SEC filings in recent days. The SEC appears to be changing its stance towards cryptocurrencies, based on reports of its indirect communications with ETF issuers. Furthermore, we believe that the SEC would have a difficult time in court defending the denial of Ethereum futures ETFs after having approved standard and leveraged Bitcoin futures ETFs.”
Balchunas’ prediction
Eric Balchunas goes further by predicting that the SEC will approve an Ethereum futures ETF in October, exactly two years after the first Bitcoin (BTC) futures ETF was approved. However, it is critical to note that no Bitcoin spot ETF applications have been approved in the US so far.
The approval of a spot Bitcoin ETF would give investors exposure to the crypto asset through a brokerage firm, similar to commodities like gold. Additionally, the cryptocurrency world awaits with great interest the SEC’s decision on a June filing by BlackRock, the world’s largest asset manager.
