What a Spot Ether ETF Will Mean For the Industry

bitcoin ETF

It is coming up on two months since the spot Bitcoin ETF was approved and the results have been palpable. The value of Bitcoin is above $65,000 as of this article and the ETFs that were approved have seen an overwhelming response. It is safe to say that it has been an early success.

The dust hasn’t fully settled on the spot Bitcoin ETF and the industry already has a new goal in mind; spot Ether ETFs. But what are the chances of this happening and what does it mean for the wider industry?

ETH in the Spotlight

It is worth noting that even before the spot Bitcoin ETF was approved, there was talk about Ether being next in line. In many ways, the Bitcoin ETF was seen as the catalyst for more approvals in the industry. Ether, being the second-most valuable crypto, seemed like the obvious candidate.

If this does happen and we have a spot Ether ETF on our hands, what can we expect? For starters, the value of Ether will rise significantly, the same way Bitcoin has. Currently, some analysts are predicting a new all-time price high by the end of the year and should Ether enjoy the same benefits, its investors will profit significantly.

This increase in value will also see more use of Ether across the board. Gambling with cryptocurrencies like Ether at fast payout casino sites is popular as using crypto at these sites enhances the user experience by offering more secure and immediate transactions. Likewise, it’s common to use ETH for buying NFTs, luxury goods, and even real estate, as it’s a safe way to transfer large sums of money across borders. The introduction of an Ether ETF will likely amplify these uses, providing a more stable and recognized platform for Ether transactions. The increased visibility and credibility that come with an ETF can also introduce Ether to a broader audience, encouraging its adoption in new markets and sectors.

Also read: Why Sports and Crypto Getting Together Is a Win-Win

A spot Ether ETF certainly has a lot of backing. Grayscale has filed with the SEC to convert its current Ether fund to a spot ETF and this has seen backing from the likes of Coinbase. Additionally, Valkyrie Chief Investment Officer Steven McClurg has predicted a 1-2 year timeline for the ETF approval.

There is no denying that the spot Bitcoin ETF gave a stamp of credibility of sorts for the token and created more avenues for ‘traditional’ investing in it. The same can be done for Ether. Ethereum as a blockchain has gone through several changes in the last few years, from its previous switch to a proof-of-stake consensus to the incoming upgrade that will increase its efficiency. Needless to say, now seems like the perfect time for an ETF to come into the mix.

We also have to consider the wider implications for the crypto industry. Even with the spot Bitcoin ETF, there are critics who refuse to get on board the crypto train. An Ether ETF will show that the industry is not a one-trick pony and that there are several tokens that are worthy of ETFs.

Currently, we are speculating about Ether ETFs but if this becomes a reality, there is no telling which token will next be on the list. For now, all we can do is wait and see if truly, an ETH ETF will happen.

Written by
Delbert David

Delbert David is the editor in chief of The Tech Trend. He accepts all the challenges in the content reading and editing. Delbert is deeply interested in the moral ramifications of new technologies and believes in leveraging content marketing.

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