In a spectacular turnaround, the SEC has now approved a series of Ethereum spot ETFs. The index funds are not yet tradable. But it is only a matter of weeks before the first dollars flow into the investment vehicles. The euphoria on the market is correspondingly great.
BTC-ECHO was able to speak to a number of experts from the crypto space. Jan-Oliver Sell, Managing Director of Coinbase Germany, Dr. Ulli Spankowski, CEO and founder of BISON and Ryan Lee from Bitget Research, assess the ETF approval.
Jan-Oliver Sell, Managing Director of Coinbase Germany: “Crypto is more than just a trend”
Coinbase welcomes the ETF approval and believes it will have a similar positive impact on the industry as the approval of BTC ETFs.
Jan-Oliver Sell, Managing Director of Coinbase Germany
In addition, says Sell, the approval underlines the fact that crypto is more than just a trend. And he continues:
The expansion of the scope of cryptocurrencies will have a significant impact on innovation and we expect an intensification of activity in the market.
Dr. Ulli Spankowski, CEO and founder of BISON: “A catalyst for the entire crypto market”
“The pressure on the SEC from market participants has been very high for months,” says Dr. Ulli Spankowski of BISON, emphasizing the emerging dynamics since the approval of Bitcoin ETFs.
The approval could push Ethereum to new heights and act as a strong catalyst for the entire crypto market. I agree with analysts that after a possible short-term correction, a longer rally could take place, similar to the Bitcoin ETF approval. ETH could surpass its all-time high and further fuel the crypto market growth in 2024,
the BISON managing director continues. In fact, a bullish impulse from the Ether financial products is likely. After all, over 13 billion US dollars have already flowed into the related Bitcoin ETFs – and they have only been around since January 11th.
Ryan Lee, Bitget Research: “An Ethereum ETF sets new standards”
Ryan Lee from Bitget points out to BTC-ECHO the symbolic effect for other crypto ETFs. After all, the SEC is allowing an index fund for a proof-of-stake cryptocurrency for the first time.
An Ethereum ETF could set a new standard for other cryptocurrencies looking to launch their own ETFs, especially those targeting spot ETFs. Cryptocurrencies with similar features to Ethereum, such as proof-of-stake and staking mechanisms, could follow this path.
In this article, we explain why a Solana ETF is not to be expected for the time being.
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