The post Crypto News: Will Ethereum ETF Outshine Bitcoin ETF? appeared first on Coinpedia Fintech News
In an unexpected turn of events, analysts are tipping an Ethereum futures ETF for approval by the US Securities and Exchange Commission (SEC) ahead of its Bitcoin counterpart. Bloomberg ETF analysts argue that this year, Ethereum’s chances of scoring an ETF approval could potentially outshine Bitcoin’s.
Ethereum ETFs: The New Front Runner?
As the SEC grapples with a deluge of Bitcoin and Ethereum ETF filings, Bloomberg analysts are leaning towards Ethereum, predicting a 75% chance of an Ethereum ETF approval, compared to 65% for a Bitcoin ETF. Analyst Eric Balchunas ups the ante, placing Ethereum futures ETF’s odds at a whopping 95%.
The rationale for such predictions is based on the surge of Ethereum-related ETF applications, with the tally now reaching an impressive 12. Among the applicants, industry heavyweights ProShares and Bitwise have together filed seven applications focused on Bitcoin and Ethereum.
ProShares has recently submitted an application for a Bitcoin & Ether Equal Weight Strategy ETF. The firm aims to track the performance of the Bitcoin & Ether Equal Weight Index. Additionally, Bitwise has proposed both Bitcoin and Ether Market Cap Weight Strategy ETF and Bitcoin and Ether Equal Weight Strategy ETF.
Wall Street Anticipation and Market Movements
Despite Ethereum’s apparent lead, Bitcoin still holds a prominent position. Wall Street icon Cathie Wood has remarked that multiple Bitcoin ETFs are “likely to be approved at the same time.” A considerable nudge from finance behemoths like BlackRock and the ongoing Grayscale lawsuit against the SEC are critical factors driving Bitcoin’s ETF prospects.
Interestingly, this surge in activity has prompted slight movements in the prices of both cryptocurrencies. Bitcoin saw a modest 0.5% uptick, trading at $29,183, whereas Ethereum rose by a slimmer 0.35% margin to $1835.
Bitcoin: The International Asset
Against the backdrop of these developments, it’s crucial to highlight the global relevance of Bitcoin. Cryptocurrency is now considered an international asset, transcending borders and national regulations. A prime example of this is BlackRock’s considerable stake in MicroStrategy, a company known for holding significant Bitcoin reserves.
This news comes from Altcoin Daily, tweeting, “Did you know #Blackrock owns 8% of MicroStrategy? BlackRock bought 757,146 shares over a year ago. #bitcoin #coinbase #investment #etf. The signs were there.”