Balchunas made a subtle comparison of the top two cryptocurrencies, saying that Ether “just isn’t the same or as secure” as Bitcoin (BTC).
Presently, ETHA stands as one of the top six ETF launches of the year.
It is now a possibility that there is a postponement of the final deadline for a SEC decision.
The launch of the spot Bitcoin ETFs in the United States has been a highly successful event with assets under management close to $55 billion within six months of launch.
A report from Kaiko Research said that ETH price would be sensitive to the spot Ether ETF inflows amid the poor demand for the Ethereum futures products late last year.
Eric Balchunas, a Bloomberg ETF analyst, is optimistic about BlackRock’s amended S-1 filing, considering it a positive sign for the future launch of Ethereum ETFs.
ETF analyst James Seyffart noted that while the 19b-4 filings have been approved, the funds still need to pass another scrutiny stage for the S-1 documents to be reviewed.
Despite recent outflows from Bitcoin ETFs, analyst Eric Balchunas says it’s only 1% of total inflows and calls it “minuscule” in the bigger picture.
BlackRock has started heavy advertising for its IBIT Bitcoin ETF on Bloomberg’s home page to leverage its position in the current market momentum.
The Bitcoin ETF market continues to see new competitors. Hashdex, a crypto asset management firm, announced its futures fund’s transformation into a spot product.
James Seyffart pointed out that the US SEC has not engaged the spot Ether ETF applicants in any way like Bitcoin’s earlier this year.
In addition to the rise of Bitcoin ETFs, the broader cryptocurrency market has seen record inflows, with a CoinShares report indicating that crypto saw inflows of $2.7 billion last week.
The approval of spot Bitcoin ETFs was anticipated to be a positive catalyst for Bitcoin’s price. However, the reality has been starkly different, with Bitcoin experiencing a decline.
SkyBridge’s Anthony Scaramucci stated that Bitcoin price could surpass $170,000 a year after Bitcoin halving in April 2024.
The SEC’s approval of spot Bitcoin ETFs is considered a turning point for the crypto industry.