US SEC Approval Of Ethereum ETF More Likely Than Bitcoin This Year: Bloomberg

The U.S. Securities and Exchange Commission (SEC) flooded with new Bitcoin and Ethereum exchange-traded funds (ETFs), indicating approval of multiple ETFs by the end of this year. Especially, ProShares and Bitwise are filing for various types of ETFs tracking both BTC and ETH prices, with Ethereum-related ETFs reaching 12 now.

ProShares And Bitwise Files 7 Bitcoin and Ethereum ETF Together

ProShares and Bitwise have filed three applications with the U.S. Securities and Exchange Commission (SEC) for ETFs focused on Bitcoin (BTC) and Ethereum (ETH).

ProShares filed an application for the Bitcoin & Ether Equal Weight Strategy ETF. It will track the performance of the Bitcoin & Ether Equal Weight Index. ProShares has filed in total four applications for Ethereum-focused ETFs this week.

In addition, Bitwise also filed applications for the Bitcoin and Ether Market Cap Weight Strategy ETF and the Bitcoin and Ether Equal Weight Strategy ETF. Bitwise has filed three Ethereum-based ETFs applications this week.

Bloomberg ETF analysts James Seyffart and Eric Balchunas noted that the number of Ether futures ETF filings reaching 12 now.

“We’re at 12. it’s late but I missed one today. Bitwise actually filed for two ETFs. Equal weight and market weight versions of their dual Bitcoin and Ethereum futures ETFs. We’re up to a full dozen Ether futures ETF filings now. Feel like we will get another tomorrow.”

Bloomberg analysts increased the odds of the US SEC approving a spot Bitcoin ETF this year to 65% from 50% a few weeks ago. However, the odds for an Ethereum ETF approval is 75%, but Balchuna believes 95% on Ether futures.

Read More: Bitcoin Price Calm Before The Storm, Selling Now to Buy Later?

Bitcoin and Ethereum Price To Rally?

BlackRock and other traditional finance firms pushing SEC to approve spot Bitcoin ETF, with Grayscale lawsuit against US SEC becoming a key factor for spot Bitcoin ETF this year.

BTC price jumped 0.5% in the last 24 hours, with the price currently trading at $29,183. The 24-hour low and high are $28,959 and $29,375, respectively. Furthermore, the trading volume has decreased by 17% in the last 24 hours.

Meanwhile, ETH price trades at $1835, up just 0.35%. The 24-hour low and high are $1825 and $1856, respectively.

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Varinder has 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto, and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers. With CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He is currently covering all the latest updates and developments in the crypto industry.

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