Journalist
Posted:
Amidst Ethereum’s [ETH] recent 16% surge in the past week, Jim Cramer, a respected market analyst and TV host, predicted that Ethereum ETFs’ will become the next big thing.
On the 28th of February, Jim Cramer took to X (formerly Twitter), drawing parallels between Bitcoin’s [BTC] ascent and Ethereum’s surge to $3,400, said,
“Given the success of the bitcoin ETF, it’s pretty obvious that an Ethereum ETF will soon bloom.”
Coinbase backs spot Ethereum ETFs
Fueling the event further, currency exchange Coinbase formally petitioned the Securities and Exchange Commission (SEC) to greenlight the trading of the Grayscale Ethereum Trust on the NYSE Arca platform.
Coinbase recently submitted a comprehensive response to the SEC for a spot Ethereum ETF proposal, advocating for the approval of Grayscale Ether Trust. They argued,
“ETH’s market depth, tightness of spreads, and price correlation across spot markets are highly indicative of a market resilient to fraud and manipulation.”
This strategic move reflected a broader industry trend, with major financial players like Fidelity and BlackRock also pushing for Ethereum ETFs to be established.
The increasing optimism
As per Bloomberg, the Standard Chartered had also predicted,
“Ethereum’s price will surge to $4,000 pending SEC approval in May.”
The optimism around Ethereum ETFs was also reflected in the sentiments of industry leaders like Grayscale’s Sonneshein who confidently anticipates the greenlighting of such financial products in 2024.
Additionally, ETF expert James Seyffart echoes this sentiment, expecting an ETF product to receive approval this year.
Hence, market analysts and financial leaders’ consensus reflects growing confidence in cryptocurrency’s integration into mainstream investments.