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The Ethereum Spot ETF: Another major turning point for the crypto market

Sat 13 Jan 2024 ▪ 3 min read ▪ by Luc Jose A.
Getting informed ▪ Invest

Currently, all eyes are on the potential approval by the SEC of a Bitcoin Spot ETF. If this materializes, the emergence of an Ethereum Spot ETF should capture the interest of the crypto community. A prospect that would be beneficial for the ecosystem surrounding the 2nd largest crypto in the market.

ETF Ethereum Spot

Towards a Revival of Investor Enthusiasm for Ethereum?

The famous YouTuber Crypto Rover echoed a projection involving Ethereum. According to it, the emergence of an Ethereum Spot ETF will be the next significant event in the crypto industry.

Crypto Rover predicts a shift of market fervor from bitcoin (BTC) toward Ethereum’s Ether (ETH). He believes this movement will occur after the much-anticipated approval of a Bitcoin Spot ETF by the SEC.

This prospect could change the current dynamics of the Ethereum ecosystem, which is presently facing a lack of attention from the crypto community. He attributes this situation to the recent price surge of Solana’s SOL, which increased by 360% in 90 days.

Meanwhile, Ethereum has seen a more modest increase of 48% over the same period. However, some traders believe that the situation will soon change, driven by a significant influx of capital in anticipation of an Ethereum ETF following a Bitcoin ETF.

At the Dawn of a Pivotal Stage?

For crypto analyst Michaël van de Poppe, the prospects for ETH are somewhat certain. According to him, the asset is in a critical situation that could result in a substantial increase in its valuation.

According to the expert, this outlook would trigger a liquidation candle on the ETH/BTC trading chart. This concretely indicates a strong price fluctuation followed by investor funds flowing toward Ethereum.

Currently, Ethereum’s Ether (ETH) is valued at $2,300. The crypto has seen an increase of 3.19% over the last 24 hours. This rise is supported by a notable improvement in transaction volume of 36.14%, reaching $12.48 billion.

James Seyffart, an ETF specialist, notes interesting developments for Ethereum. Specifically, the SEC’s approval of Ethereum futures and the CFTC’s designation of ETH as a commodity. For him, these are signs that an Ethereum Spot ETF could emerge this year.

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Luc Jose A. avatar
Luc Jose A.

Diplômé de Sciences Po Toulouse et titulaire d'une certification consultant blockchain délivrée par Alyra, j'ai rejoint l'aventure Cointribune en 2019. Convaincu du potentiel de la blockchain pour transformer de nombreux secteurs de l'économie, j'ai pris l'engagement de sensibiliser et d'informer le grand public sur cet écosystème en constante évolution. Mon objectif est de permettre à chacun de mieux comprendre la blockchain et de saisir les opportunités qu'elle offre. Je m'efforce chaque jour de fournir une analyse objective de l'actualité, de décrypter les tendances du marché, de relayer les dernières innovations technologiques et de mettre en perspective les enjeux économiques et sociétaux de cette révolution en marche.

DISCLAIMER

The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.