After Spot Bitcoin ETF Approved, Will ETF Ethereum Spot Follow?

Ethereum Spot (photo: Unsplash) ETF predictions

One week after the US Securities and Exchange Commission (SEC) approved a Bitcoin spot exchange-traded fund (ETF), on Tuesday, January 16, the price of Bitcoin was perched at 42,700 US dollars (Rp666 million).

Despite rising by 0.70 percent in the last 24 hours, the price of Bitcoin has fallen by 9.55 percent in the past week.

According to the Magic Financial Expert of Crypto Panji Yudha, this approval of the Bitcoin Spot ETF led to the sell-the news, so that the increase in Bitcoin did not last long.

"Meski demikian, penurunan ini kemungkinan hanya dalam jangka pendek dimana potensi bullish hingga akhir tahun berpotensi akan tetap berlanjut," ujar Panji dalam keterangan yang diterima.

Unlike Bitcoin, several other crypto assets (altcoins) have seen an increase in the last 7 days, such as; Ethereum (ETH) rose 7.65 percent to USD 2.510 (IDR 39.1 million), Ethereum Name Service (ENS) rose 73.38 percent to USD 23.45 (IDR 365 thousand).

Even though Bitcoin (BTC) has decreased, Ethereum (ETH) has actually increased in the last seven days. After the Bitcoin spot ETF approval, market expectations of Ethereum ETF will also be approved in the next few months by the SEC have encouraged investors' interest in Ethereum, "explained Panji.

A number of large companies, such as Vaneck, Blackrock, and Fidelity, are also known to have applied for the Ethereum spot ETF, with a decision deadline in May 2024 for the VanEck ETF, followed by BlackRock in August 2024.

"If you look at the current Ethereum situation, it is still in the buy the rumors phase similar to the Bitcoin spot ETF cycle, and price drops have the potential to occur after official approval is given later," he explained.