Can $ETH Replicate $BTC’s Performance After SEC’s ETH ETFs Approval Next Week?

Ethereum ETFs are said to start trading on July 23, marking a breakthrough in cryptocurrency acceptance within traditional finance. 

An X post by Eric Balchanuas (a Bloomberg senior ETF analyst) announced that the US Securities and Exchange Commission (SEC) has asked issuers to submit their final S-1 forms by Wednesday in preparation for an ETH ETF next Tuesday. 

Grayscale, Bitwise, ARK 21 Shares, and Invesco Galaxy are among the other financial institutions awaiting approval. 

$BTC’s 36% Rise Since ETF Approval – Will $ETH Follow Suit? 

As the crypto market awaits the ETH ETF approval, $ETH’s value has surged by over 2% since yesterday. It is currently trading at around $3.4K

When the SEC approved the first round of ETH applications (Form 19b-4), its value surged by 8.33%, from roughly $3.6K to $3.9K.

Following $BTC’s ETF approval on January 10, the crypto’s value rose from $46K to its ATH of $75K+ on March 21.

Bitcoin’s current price is approximately $64K – a 32% increase since the SEC’s authorization. This success suggests that $ETH’s price could further increase. 

Binance has announced that the current sentiment toward $ETH is bullish and predicts its price could reach $4,200+ by 2030. 

Additionally, Bitwise CIO Matt Hougon speculates that ETH ETFs could attract up to $15B in inflows in the first month of trading.

Spot Ethereum ETPs Will Attract $15 Billion in Their First 18 Months
An excerpt from Bitwise CIO @Matt_Hougan‘s weekly memo to investors.

A good starting point for estimating inflows is to look at the relative size of BTC and ETH. I’d expect investors to allocate to Bitcoin and…

— Bitwise (@BitwiseInvest) June 26, 2024

There are various other reasons analysts predict an upswing in Ethereum’s price: