Bitwise Executive Predicts Imminent Launch of Ethereum ETFs in US Market – ETH Price to $5,000?

By Crypto News Flash
12 days ago
  • The few issues between the US SEC and the spot Ethereum ETF issuers as depicted in the S-1 update fillings are an indication of imminent listing ahead.
  • The Ethereum network has grown to a major supporter of the global web3 ecosystem, thus attracting more institutional and retail investors.

In a recent interview, Katherine Dowling, the Chief Compliance Officer of Bitwise, reiterated her confidence in the inevitable listing of several spot Ethereum (ETH) exchange-traded funds (ETFs) this summer. Dowling noted that Ethereum’s adoption by retail traders and institutional investors is largely due to its ability to support dozens of other web3 businesses globally worth billions of dollars.

As we discussed earlier, several spot Ether ETF issuers led by 21Shares Investment recently filed their respective updated S-1 forms to the US SEC to guarantee final approval. Furthermore, the US SEC’s Chair Gary Gensler expressed his optimism in the final approval of spot Ether ETFs this summer. Dowling noted:

Chair Gensler said it’s gonna be sometime over the summer; everyone has their different definitions of summer… but we’re seeing in the S-1 amendments that there are fewer issues vetted back… that points to all signs that we are close to the finish line of the launch,

According to Dowling, the launch of spot Ether ETFs is a pivotal moment for the mainstream adoption of the altcoins and not a competition to Bitcoin’s products. The rise of the spot Bitcoin ETFs was propelled due to its perception as the digital gold amid the deteriorating global economic outlook fueled by poor monetary policies.

Ethereum Whales on the Hunt

As the demand for Bitcoin wanes amid the ongoing sell-offs by the German government, on-chain data shows that more investors have turned to the altcoin industry, led by Ethereum. According to on-chain data provided by Glassnode, Ethereum whales, with a balance of more than 10k Ether units, have increased their overall accumulation pace.

Image Source: Ali

Growing Web3 Ecosystem

The Ethereum network remains the undisputed web3 leader, with more than $53 billion in total value locked and around $79 billion in stablecoins market cap. As we previously reported, Ethereum’s spot ETF products could attract more than 30 percent of Bitcoin’s inflows in the subsequent month after the inevitable approval.

The Ethereum network continues to be used as the preferred blockchain for tokenizing real-world assets. Furthermore, Ethereum’s EVM makes its web3 products multi-chain compatible, thus reaching global markets seamlessly.

ETH Price Expectations

The upcoming launch of spot Ether ETFs in the United States will have a profound impact on Ethereum’s price action. As CNF previously pointed out, the anticipated heavy cash inflows to the spot Ether ETFs will strongly fuel the next major altcoin rally. 

From a technical standpoint, Ether’s price against the US dollar has found a solid support level of around $2,932 in the past four months. However, the large-cap altcoin must consistently close above $3k in the coming weeks to invalidate a possible capitulation towards$2,674.

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