In the early morning of the 24th, the U.S. Securities and Exchange Commission (SEC) officially approved the 19b-4 documents (changes in exchange rules) including eight Ethereum spot ETF applications including BlackRock, Fidelity, etc. , paving the way for the listing of Ethereum spot ETFs. An important step, industry experts believe that the SEC's move is like an "implicit recognition" that ETH is not a security and is expected to spread to other tokens.
Bloomberg ETF analyst James Seyffart said on the Bankless Podcast:
These Ethereum spot ETFs are commodity-based stock trusts, so by approving these applications, the SEC is making it clear that they will not pursue Ethereum as a security.
Standard Chartered Bank: Cryptocurrency ETFs such as SOL and XRP may be welcomed next year
In this regard, Geoffrey Kendrick, head of foreign exchange and digital asset research at Standard Chartered Bank , said that after the Ethereum spot ETF is approved, other cryptocurrencies may usher in their ETF products in 2025:
The SEC’s approval of the Ethereum spot ETF indicates that ETH is not classified as a security, implying that cryptocurrencies such as XRP and SOL may not eventually be considered securities.
In some cases, cryptocurrencies such as SOL are very similar to the technical core of ETH, and given the SEC's recognition of ETH, it is difficult for them to be considered securities.
For other cryptocurrencies, the market will also look ahead to their eventual ETF offerings, although this is likely to be a 2025 story.
Bitcoin and Ethereum’s Market Dominance Will Rise
However, Kendrick also said that although the market is looking forward to more cryptocurrency ETFs, for now, he expects the market positions of Bitcoin and Ethereum to continue to rise, especially on the Sharpe index.
At the same time, he also continued to maintain his forecast for the future of Bitcoin and Ethereum, believing that Bitcoin will reach $150,000 by the end of the year and Ethereum will exceed $8,000:
We estimate that the Ethereum spot ETF will bring in inflows of 2.39 million to 9.15 million ETH in the first 12 months after approval... In U.S. dollar terms, this equates to approximately $15 billion to $45 billion.
By 2024, the price ratio of Ethereum to Bitcoin will remain at 5.4%, and if BTC reaches $150,000 by the end of the year, the price of Ethereum may reach $8,000.
