Last week, the US Securities and Exchange Commission (SEC) surprised by giving the green light to a handful of spot Ethereum ETFs.
Bitcoin and Ethereum led a rally in Wall Street spot exchange-traded fund (ETF) prices this year. The price of bitcoin has returned to its previous all-time high, helped by a surprising "seismic shift" in Washington that sparked a crypto showdown between President Joe Biden and 2024 Republican nominee Donald Trump.
Now, Wall Street giant Goldman Sachs is leaning into bitcoin, ethereum and cryptocurrencies after the "astonishing success" of bitcoin ETFs. "The bitcoin ETF was obviously an amazing success," Mathew McDermott, global head of digital assets at Goldman Sachs, said on the sidelines of the Coindesk Consensus crypto conference in Austin, Texas, adding that the approval of the bitcoin spot ETF was a “major psychological turning point.”
The price of bitcoin has soared this year, adding 60% since the approval of a fleet of spot bitcoin ETFs in January. Last week, the US Securities and Exchange Commission (SEC) surprised traders when it gave the green light to a handful of spot Ethereum ETFs.
"It's a natural progression for ethereum to be approved to be a fully tradable ETF," McDermott said, although he downplayed the chances of the ethereum spot ETF opening "the door to all the others" like solana, XRP and other major cryptocurrencies.
Bitcoin and Ethereum led a rally in Wall Street spot exchange-traded fund (ETF) prices this year (which could be about to blow up because of China).
“From my point of view, our clients typically only focus on bitcoin and ethereum. As for the others, I think we could be positive, but it is too early to say,” he considers.
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