- Jim Cramer, the host of CNBC’s Mad Money program, drew attention by making a positive prediction for a spot Ethereum ETF, surprising the overall crypto community.
- He based his prediction on the success of the spot Bitcoin ETF market in the last few weeks after being approved by the securities regulator.
- On Tuesday, IBIT recorded a massive entry of $520 million from a net entry of $577 million. This implies the addition of 10,167.5 BTC to the overall spot Bitcoin pool.
Jim Cramer has revealed his expectations for the fate of spot Ethereum ETFs following the success of spot Bitcoin ETFs.
Cramer Reveals Expectations for Spot Ethereum ETFs
Jim Cramer, the host of CNBC’s Mad Money program, drew attention by making a positive prediction for a spot Ethereum ETF. According to Cramer’s post on Twitter, there is a very high probability that the United States Securities and Exchange Commission (SEC) will soon approve the spot Ethereum ETF.
He based his prediction on the success of the spot Bitcoin ETF market in the last few weeks after being approved by the securities regulator. The spot Bitcoin ETF market has recorded over $6 billion in entries so far, with IBIT leading the way.
On Tuesday, IBIT recorded a massive entry of $520 million from a net entry of $577 million. This implies the addition of 10,167.5 BTC to the overall spot Bitcoin pool. The $577 million entry is the third-largest entry the nascent ecosystem has seen.
On the same Tuesday, the trading volume for all nine spot Bitcoin ETFs reached $2 billion. The flow volume in the spot Bitcoin ETF market must have surprised Jim Cramer, as he had previously underestimated the potential of this offering.
At that time, while Bitcoin was trying to establish support at the $40,000 level, he clearly questioned its future performance. However, his recent statement about the Ethereum ETF suggests that it may have changed his perception of the potential of spot Bitcoin ETFs and the leading cryptocurrency.
Spot Bitcoin ETF Applicants Await SEC’s Decision
Meanwhile, significant speculation continues around the spot Ethereum ETF. Many applicants, including Grayscale Investments, are currently awaiting the SEC’s decision on their proposals. While waiting, many are updating their applications, ensuring that the securities regulator does not find an excuse to finally reject their applications.
About a week ago, the Chicago Board Options Exchange (CBOE) submitted a 19b-4 for a spot Ethereum ETF on behalf of Franklin Templeton. Similarly, VanEck took a strategic step by filing an S1-A form for the proposed spot Ethereum ETF on February 17.
All these updates and amendments may be a sign of how close they are to SEC approval, similar to the situation with spot Bitcoin ETFs, so Jim Cramer’s prediction could be accurate.
