HomeNewsUnprecedented Move: Ethereum Set to Outshine Bitcoin with Potential ETF Approval

Unprecedented Move: Ethereum Set to Outshine Bitcoin with Potential ETF Approval

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  • Bloomberg analysts indicate that Ethereum futures ETF approval by the US SEC is more likely than a spot Bitcoin ETF.
  • ProShares and Bitwise are among the companies filing for ETFs tracking BTC and ETH prices, with Ethereum-related filings now totaling 12.

In the world of cryptocurrencies, an unprecedented pivot is taking shape. The U.S. Securities and Exchange Commission (SEC), inundated with Bitcoin and Ethereum exchange-traded funds (ETFs), hints at the possible approval of multiple ETFs by 2023’s close. Interestingly, the spotlight is shifting towards Ethereum, with Ethereum-related ETF filings now touching 12.

ProShares and Bitwise Pave the Way for Crypto ETFs

Prominent players ProShares and Bitwise have tabled three applications with the U.S. SEC for ETFs predominantly targeting Bitcoin (BTC) and Ethereum (ETH). These ETFs seek to follow the market performance of both cryptocurrencies, allowing investors to venture into the digital asset space without owning the cryptocurrencies directly.

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ProShares proposed the “Bitcoin & Ether Equal Weight Strategy ETF” that aims to track the performance of the Bitcoin & Ether Equal Weight Index. This marks one of the four Ethereum-focused ETF applications filed by ProShares in the recent week.

Bitwise, not lagging, lodged applications for the “Bitcoin and Ether Market Cap Weight Strategy ETF” and the “Bitcoin and Ether Equal Weight Strategy ETF”, contributing to its three Ethereum-based ETF filings for the week.

Increased Odds of Ethereum ETF Approval

Bloomberg ETF analysts, James Seyffart and Eric Balchunas, noted the rise of Ether futures ETF filings, now reaching an impressive count of 12. Balchunas expressed his confidence, stating,

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“We’re up to a full dozen Ether futures ETF filings now. Feel like we will get another tomorrow.”

Interestingly, the odds for a spot Bitcoin ETF approval have been adjusted upwards by Bloomberg analysts, from 50% to 65%. However, Ethereum seems to be the more favored contender with a 75% chance of an ETF approval. Balchunas, speculating on Ether futures, sets the odds at a staggering 95%.

Crypto Prices: Steady Rise or a Coming Storm?

As BlackRock and other traditional finance firms continue to nudge the SEC towards spot Bitcoin ETF approval, the current prices of Bitcoin and Ethereum have shown minimal fluctuation. Bitcoin has seen a modest rise of 0.5%, with its price hovering around $29,183, while Ethereum trades at $1835, experiencing a slight 0.35% increase.

This seemingly calm crypto market, bracing for potential ETF approvals, could indicate an impending storm. Will the possible Ethereum ETF endorsement in 2023 trigger a new surge for ETH, pushing its price beyond current levels? Only time will tell.

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Brian Johnson
Brian Johnson
A dedicated Bitcoin journalist passionate about uncovering the latest trends, developments, and innovations in the world of cryptocurrency, while delivering engaging and well-researched articles to inform and educate readers on the dynamic digital finance landscape.
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