- The cryptocurrency market is abuzz with anticipation as the potential approval of Ethereum ETFs looms large.
- Recent reports indicate that the odds of the SEC approving spot Ethereum ETFs have surged to 75%.
- Anthony Pompliano, a prominent Bitcoin advocate, has stated that this approval could signify a major milestone for the entire crypto industry.
The potential approval of Ethereum ETFs could revolutionize the crypto market, driving significant growth and mainstream adoption.
“The last dam to be broken” for crypto
Prominent Bitcoin advocate Anthony Pompliano, who holds BTC and has launched several business projects in the crypto space, tweeted that if the SEC decides to issue a positive decision on the spot Ethereum ETF, they will be “approving the entire industry.” After spot Bitcoin exchange-traded funds got approved in January after many months of waiting, he pointed out that the potential approval of the ETFs based on Ethereum is “the last dam to be broken” for the crypto space to be entirely embraced by Wall Street.
Several companies, including Ark Invest, BlackRock, VanEck, and Grayscale (who wants to convert their Ethereum Trust into a spot ETF), filed submissions for spot funds based on Ethereum after their Bitcoin ETFs were allowed to start trading. Many crypto influencers have been watching this situation. They have split into those who believe the SEC will approve the ETFs and those who do not believe it will happen this year. Dogecoin cofounder Billy Markus belongs to the latter. On Monday, he shared his take on the X platform.
Odds of ETFs approval surge high, Ethereum soars
According to a recent tweet published by the Santiment on-chain data aggregator, Bloomberg analysts have made another assessment of the Ethereum ETF situation and have published a positive outcome. Now, per the report, chances for the spot ETFs to be allowed to launch have increased to 75% after staying at 25%. This has provoked the immediate growth of Ethereum, pushing the second-largest cryptocurrency on the market above the $3,650 level for the first time since April 9. At the time of writing this, Ethereum is changing hands at $3,735 upon demonstrating a whopping 20.7% price jump. Still, there is also a risk that the SEC may label Ethereum a security.
Conclusion
The potential approval of Ethereum ETFs marks a pivotal moment for the cryptocurrency market. With odds of approval surging, Ethereum’s price has seen significant growth, reflecting investor optimism. However, the SEC’s final decision remains uncertain, and the classification of Ethereum as a security could introduce new challenges. Regardless, the crypto community is closely watching, as this development could pave the way for broader acceptance and integration of digital assets into the mainstream financial system.
