Ethereum ETF: Expert Perspectives on Approval Odds
Despite skepticism from many experts regarding the approval of an Ethereum (ETH) ETF this year, Nate Geraci, President of The ETF Store, remains hopeful.
Geraci asserts that there are no valid reasons for disapproval of a spot ETH ETF, citing the strong positive correlation between futures and spot markets in ETH/USDT pairs, as confirmed after a conference involving the U.S. Securities and Exchange Commission (SEC), Grayscale, and Coinbase.
Highlighting the SEC’s approval of ETH futures ETFs on the Chicago Mercantile Exchange, Geraci expresses optimism about the prospects of ETH ETF approval.
Additionally, he emphasizes Coinbase’s argument that the approval of Bitcoin spot ETFs sets a precedent applicable to ETH, backed by Ethereum’s mechanisms to mitigate fraud and manipulation risks.
Recent market fluctuations saw Ethereum (ETH) face rejection at the $4,000 level, dropping to $3,800 within minutes before stabilizing around $3,920 on major spot exchanges.
READ MORE: Coinbase Adds 3 New Cryptos for Futures Trading
Despite prevailing pessimism in the community, Geraci, a seasoned market veteran and host of the ETF Prime podcast, maintains his positive outlook.
However, not all industry voices share Geraci’s optimism. Jake Chervinsky, Chief Legal Officer of VC fund Variant, conceded a week ago that political reasons might lead to the likely rejection of the product. This sentiment echoes the broader pessimism among cryptocurrency experts regarding the potential approval of Ethereum ETFs in the U.S. in 2024.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
