One of the biggest wins within the crypto industry this year was the approval of a spot Bitcoin ETF. It has been a heavily pursued milestone for years and the effects of its approval are being felt to this day. Notably, Bitcoin reached a new all-time high in the months following the approval and billions of dollars have been funneled into the various funds.
But more than that, the approval showed that spot crypto ETFs were a possibility and other cryptos soon came into the discussion of which would be next. Currently, it seems that Ethereum is the next crypto to get the ETF treatment following new developments from the Securities and Exchange Commission.
ETH ETF Coming Soon?
According to a report from Reuters, the SEC has told exchanges that would list a potential spot Ether ETF to update their fillings. Those who followed the Bitcoin ETF saga will recall that some of the positive developments regarding it came from the SEC asking for more information from applicants.
While this doesn’t immediately mean that the SEC is approving the applications just yet, it does hint that there are positive developments with regard to it. This was a sentiment shared by Joseph Edwards, head of research at Enigma Securities, in the same report. He also noted that following the spot Bitcoin ETF approval, it is much harder to justify denying an ETH ETF.
“Opposing the ETH ETF after the BTC one was approved always seemed like an odd case for the SEC to try to push, unless they were willing to open up questions on Ethereum’s securities status more broadly, and it’s likely that the call has come in somewhere to not take that fight,” he said.
While the SEC itself did not comment on the news, the markets have responded positively to these reports. The value of Ether has gone up over 20% in the last 24 hours and this shows no signs of stopping.
Investors will recall the price spike that Bitcoin saw after its approval and are looking to get in early enough. Crypto lovers are always looking for the best crypto to buy now and one of the major indicators is relevant developments in the token’s ecosystem.
There is also the fact that both Ethereum the blockchain and Ether the token have a plethora of use cases. Ethereum is the foundation for a myriad of applications, ecosystems, and even other cryptos. Ether can be used on any anonymous casino, staked for a profit, used to buy products, and much more.
The New ETF on the Block?
According to Bloomberg analysts, the chances of a spot Ether ETF is currently pegged at 75%, up from 25%. If the current predictions come true, we could very well have the ETF approved before the end of the year.
Following Bitcoin’s trajectory, the token should see a price spike and these benefits will likely trickle down to other altcoins in the crypto space.
