A researcher from Bitwise, Ryan Rasmussen, recently shared his perspective on the likelihood of spot Ethereum Exchange-Traded Funds (ETFs) gaining approval in the near future. In an interview with Yahoo Finance, Rasmussen emphasized the uncertainty surrounding the market’s readiness for such developments, citing the Securities and Exchange Commission’s (SEC) preferences as a key factor.

Rasmussen assigned a split probability of 50% each for the approval or rejection of spot Ethereum ETFs, indicating a balanced outlook on the matter. This viewpoint is mirrored by Matt Hougan, Bitwise’s Global Head of Research, who also estimated a nearly 50% chance of approval by May. In contrast, predictions on Polymarket show a slightly lower 44% likelihood of approval.

The SEC is expected to make a decision on VanEck’s spot Ethereum ETF application by May 23, with other similar applications also under consideration. Rasmussen highlighted the SEC’s past rejections of Bitcoin ETFs until legal action prompted a reconsideration. The potential need for legal action for Ethereum ETF approval remains uncertain at this stage.

Despite not having a pending application for a spot Ethereum ETF, Bitwise previously secured approval for a spot Bitcoin ETF. Rasmussen expressed satisfaction with the performance of Bitcoin ETFs, noting substantial inflows of assets into these funds. He also discussed the potential impact of ETFs on cryptocurrency prices, attributing recent increases to institutional investor participation.

Rasmussen also touched upon various factors influencing the cryptocurrency market, including upcoming events like Bitcoin’s halving, Ethereum’s Denunc upgrade, NFT trading volumes, and Solana’s price growth. He suggested that the sector is transitioning into a multi-year bull cycle, despite challenges faced in 2022.

In conclusion, Rasmussen reiterated Bitwise’s price predictions, foreseeing Bitcoin reaching a new all-time high of at least $88,000 by the end of 2024. This forecast signals a positive outlook for the cryptocurrency market amidst evolving regulatory and investment landscapes.

For more insights and updates on cryptocurrency news, continue exploring Global Crypto News.

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