Ryan Rasmussen of Bitwise has given a balanced outlook on the possible approval of Ethereum Exchange Traded Funds (ETFs), indicating a 50% likelihood for both possible outcomes.
During the an interview Rasmussen, speaking to Yahoo Finance on February 26, expressed his uncertainty about the market’s preparedness for such an event. This is in line with the Securities and Exchange Commission (SEC)’s preferences.
“It’s about a 50/50 percent chance that we’ll see approval or we’ll see rejection,” The analyst suggested a split probabilities for the future of Ethereum spot ETFs.
Matt Hougan of Bitwise, Global Head of Research also echoed this view, estimating a near 50% chance for approval in May. Predictions on the Polymarket are quite different. website The 44% approval rate is slightly lower.
SEC expects to decide on VanEck’s Ethereum ETF spot application by the 23rd of May, and to also make decisions on similar applications at that time. The SEC has used a similar approach in the past when it came to spot Bitcoin ETF application.
Rasmussen’s highlighted the SEC previous rejections Bitcoin Grayscale took legal action against the rejection of its application. The possibility that a lawsuit is required to approve Ethereum ETFs and the likelihood of an applicant initiating a similar legal action remains unclear.
Bitwise, despite not yet having an Ethereum spot ETF application pending, saw a rise in trading. approval for a spot Bitcoin ETF Earlier on Jan. 10, Rasmussen expressed satisfaction with the performance Bitcoin ETFs. He noted that Bitwise’s Bitcoin ETF, (BITB), attracted $1 billion of assets, contributing to a total inflow of over $15 billion.
He also speculated about the impact spot Bitcoin ETFs, and other similar funds have on cryptocurrency prices. He attributed recent price increases to institutional investors who were previously sitting on the sidelines. Rasmussen noted that the introduction of more ETFs could have a similar effect on Ethereum and the other cryptocurrencies.
Rasmussen discussed the various factors affecting the cryptocurrency markets, including Bitcoin. upcoming halving, Ethereum’s Dencun upgradeHe said that the cryptocurrency sector is emerging from a challenging 2022 into a multi-year bull cycle. He claimed that the cryptocurrency market is emerging from its challenging 2022 phase into a multiyear bull cycle.
Rasmussen concluded his remarks by reaffirming Bitwise’s price predictionsBitcoin is expected to reach an all-time record high of $88,000 by 2024. The outlook for cryptocurrency markets in the face of changing investment and regulatory landscapes is positive.
“This article is not financial advice.”
“Always do your own research before making any type of investment.”
Source: crypto.news
