Coinbase Predicts Approval of Spot Ether ETFs Despite SEC Postponement
Coinbase, the largest US crypto exchange, remains hopeful about the approval of spot Ether ETFs. The SEC has delayed decision deadlines for applications from BlackRock, Fidelity, and others, yet Coinbase's institutional research analyst, David Han, estimates the odds of approval to be around 30%-40%. Han also considers the increasing significance of crypto in US elections and potential litigation in his assessment. Additionally, Coinbase forecasts strong performance for Ether in the second half of 2024 due to its position in DeFi, staking, and layer 2, with its price already rising by nearly 5% in the past 24 hours.
Key Takeaways
- Optimism from Coinbase regarding spot Ether ETF approval, despite SEC postponements
- The market underestimates the chances of potential approval for ETH ETFs
- Several investment titans, including BlackRock and Fidelity, have applied for an Ether exchange-traded fund with the SEC
- Coinbase institutional research analyst David Han estimates the approval odds to be around 30%-40%
- Long-term bullish prospects for Ethereum, with potential for price surprises in the coming months
Analysis
Coinbase's optimism regarding spot Ether ETF approval could potentially accelerate ETF approval timelines, benefiting investment firms and cryptocurrency markets. The increased significance of crypto in US elections and potential litigation add complexity to the situation, potentially leading to increased investment in crypto markets in the short term and greater mainstream acceptance in the long term.
Did You Know?
- Spot Ether ETFs: Exchange-traded funds (ETFs) that track the price of a specific asset, such as Ether (ETH), applied for approval from the SEC by companies like Coinbase and BlackRock.
- Institutional research analyst: A financial professional who conducts research and analysis for a financial institution or investment firm, informing investment decisions.
- Coinbase: A leading US-based cryptocurrency exchange and wallet service, contributing to the development of cryptocurrency-based financial products and services for institutional investors.