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Could a pending ether ETF mimic the arc of spot bitcoin ETFs?
Ethereum Price (ETH-USD) are jump at the possibility that the Securities and Exchange Commission (SEC) could approve offerings for an ether ETF. This type of action in the crypto market is reminiscent of what investors saw before the SEC’s ruling on spot Bitcoin ETFs. early 2024.
Yahoo Finance Senior Markets Reporter Jared Blikre has been monitoring the price action brewing around digital assets and crypto asset flows year-to-date since the inception of the bitcoin spot ETF.
For more expert insights and the latest market action, click here to watch this full episode of Market Domination.
This message was written by Luke Carberry Mogan.
Video transcription
Stick to the perspective of another place.
Crypto ETF Jared Blier is here now with insight into the lessons learned from what happened with Bitcoin.
Jared.
Yes, it’s hard.
Easy to forget that.
Um, only at the beginning of the year.
We always look forward to timely approvals of Bitcoin ETFs.
And I’m going to put a graph of Bitcoin here.
It’s going to end last year and the rumors really started last October.
We didn’t get approvals until, let’s say, mid-January, and we actually saw a slight decline.
Sell the news about it.
But then we reached record levels.
And that’s where we’re kind of languishing in this upper end of this trading range here.
Now with Ethereum, it’s really interesting that this is happening now.
It was only a week or two ago that President Trump himself came forward as a pro-crypto candidate, and that’s leading a lot of people to speculate that this reversal, this sudden reversal that we’ve seen at the SEC regarding spot ether, is because the Democratic Party wants to be more competitive in crypto.
So whether that’s the case or not, I want to point out that Jim Bianco pointed it out rather, and I’ll echo his sentiments here, that the whole point of the spot Bitcoin ETF is that there will be this wave of baby boomers and people. just absorb all that, all that Bitcoin into their 401. That didn’t happen.
In fact, we see Bitcoin ETF flows.
It’s from this year.
So it’s been year to date, largely just tracking price.
Um, Bitcoin peaked here and that’s when it started trading in this range and that’s when the flow started to decline.
So we haven’t seen the adoption people promised of 401 that might happen.
Still, the fact that this is now a political football is nothing but optimistic for crypto.
You’re probably going to see a lot of favorable statements before the election.
So take that as you will.
The story continues
Jared.
Thank you so much.
Enjoy it.
We will continue to be aware of this