Nate Geraci, president of the ETF Store, predicts that an exchange-traded fund (ETF) based on spot Ethereum (ETH) will soon be approved.
Analysts and industry leaders, including Matt Hougan of Bitwise Asset Management, share Geraci’s optimism. They believe that approval could spark significant interest and investment in Ethereum, potentially changing the market and the broader crypto industry.
Industry experts expect significant impact from potential Ethereum spot ETF
Nate Geraci has generated significant interest in the crypto community by predicting that Ethereum spot ETFs will be approved this week. Geraci shared his expectations on social media.
“Welcome to Spot ETH ETF approval week… I call it. Nothing specific, just can’t think of a good reason for further delay at this point. Issuers are ready to launch,” he wrote.
Read more: Ethereum ETF Explained: What It Is and How It Works
Geraci’s forecast follows extensive discussions and regulatory filings surrounding an Ethereum ETF. In an appearance on CNBC’s ETF Edge last week, Geraci and Matt Hougan discussed the likelihood and implications of an ETF approval.
As one of the potential issuers, Hougan highlighted the minimal amendments required in the latest filings, which indicates a closer approach to the approval finish line.
“What [the minimal amendments] tells us that we are approaching the finish line. I think what you are hearing this week or next week makes sense to me. It has been a very fast process. Remember, just two months ago, no one thought we would see these ETFs. Now it seems likely that we will. And we will see what the reaction is,” Hougan said.
Geraci also highlighted the growing interest in crypto assets among institutional investors and financial advisors. He noted that despite current market conditions, demand for Ethereum could reflect the significant success demonstrated by the Bitcoin ETF.
“Bitcoin spot ETFs have been the most successful ETF launch in the history of the industry, if you take into account the 10 or 11 ETFs that have collectively come to market. I think Ethereum spot ETFs could be the second most successful launch in history,” Geraci said.
Additionally, market analysts believe that ETH could experience positive price action following the launch of the Ethereum Spot ETF. Crypto trader Daan Crypto suggested that the approval could be bullish.
“ETH is doing well so far. We are approaching the $3,350 level. We should get the S-1 approved this week and the ETF will start trading shortly after that,” he said.
Michael van de Poppe, founder of crypto consultancy MN Trading, echoed this sentiment. He highlighted Ethereum’s recent performance and its outperformance of Bitcoin. Van de Poppe suggested that the Ethereum ETF could further cement its market dominance.
“The upcoming Ethereum ETF will likely push it further, and the potential bearish divergence on the weekly chart seems inevitable,” he explained.
Read more: How to invest in Ethereum ETF?
Additionally, industry experts believe that the Ethereum spot ETF will prompt the emergence of other crypto ETFs. BeInCrypto reported that earlier this month, the Chicago Board Options Exchange (CBOE) submitted a Form 19b-4s for trading the Solana spot ETF for the first two issuers, VanEck and 21Shares. However, the U.S. Securities and Exchange Commission (SEC) will have until 2025 to respond to the request.
