Bitwise predicts a 50% chance of spot ETH ETF approval and Bitcoin value reaching $88,000 by year-end

Bitwise researcher Ryan Rasmussen believes there’s a 50% likelihood {that a} spot Ethereum ETF shall be accredited within the coming months.

Rasmussen shared his insights on the chance in a Feb. 26 interview with Yahoo Finance. He mentioned:

“I actually don’t know if the market will essentially get to the place the SEC needs to see it with a purpose to approve these spot [Ethereum] ETFs this Might. I feel we’ve a couple of 50/50% likelihood of getting accredited or we’ll see a rejection and kick it out to a different utility spherical sooner or later. “

Different sources, together with Matt Hougan, international head of analysis at Bitwise, beforehand predicted that the possibility of spot ETH ETF approval in Might was near 50%. In the meantime, the approval odds on the Polymarket web site are barely decrease at 41%.

The SEC has till a Might 23 deadline to decide on VanEck’s spot ethereum ETF utility and is anticipated to make selections on different filings similtaneously it did on the spot Bitcoin ETF.

Rasmussen additionally mentioned that the SEC didn’t approve a Bitcoin ETF till Grayscale filed a lawsuit to dismiss its utility. He added that it was unsure whether or not an analogous lawsuit can be vital for the ETH ETF.

Moreover, it’s unclear whether or not the applicant can provoke proceedings at this stage.

Bitwise believes ETFs will drive costs larger

Bitwise at present has no pending Ethereum spot ETF purposes, however it was one in every of a number of candidates accredited for a spot Bitcoin ETF in January.

Rasmussen famous that Bitwise is “very happy” with the success of the Bitcoin ETF. He mentioned that the corporate has seen $1 billion in belongings movement into its personal Bitwise Bitcoin ETF (BITB), and the full asset flows of those ETFs exceed $15 billion.

Rasmussen additionally predicts that spot Bitcoin ETFs and different funds will drive up cryptocurrency costs as beforehand “marginalized” institutional traders purchase in. He mentioned:

“When the market has this type of demand shock, I do not assume it is shocking that the worth of Bitcoin goes up…I feel the identical factor will occur with Ethereum or different belongings if there are different ETFs available in the market.”

Rasmussen additionally described different occasions affecting the crypto market, together with Bitcoin’s upcoming halving, Ethereum’s upcoming Dencun improve, NFT buying and selling quantity, and Solana’s value development.

He mentioned that cryptocurrencies are “resurrecting” from the weak market in 2022 and are getting into a multi-year bull market cycle. Rasmussen concluded by reiterating Bitwise’s earlier value predictions and stating that the flagship cryptocurrency remains to be on observe to succeed in an all-time excessive of a minimum of $88,000 by the tip of 2024.