Speculation over possible Ethereum ETF approval in May drives ether price higher
Eric Balchunas, senior exchange-traded fund analyst at Bloomberg, said there is a 70% chance that the Ethereum Spot ETF will be approved by the U.S. Securities and Exchange Commission before May this year.
Over the past 24 hours, the price of Ether increased by 7% to $2,400, recording over 15% growth over the past seven days. Cryptocurrency industry experts say this signifies investor optimism for a potential ether ETF after the SEC approved eleven spot bitcoin ETFs yesterday.
“Starting with the BTC ETF, we are seeing a ‘Buy the rumor, ignore the news, buy the next rumor’ pattern,” said Joe Caselin, head of institutional marketing at BIT crypto Exchange. “BlackRock filed its BTC.ETH ETF application in November 2023, and while this is much less certain than the many BTC ETF applications that have just been approved, the potential is huge, as it would be the first product of its kind for ETH, as it has great appeal among institutional investors.”
