Ethereum prices (ETH-USD) are jumping on the possibility that the Securities and Exchange Commission (SEC) could approve offerings for an ether ETF. This sort of action in the crypto market is reminiscent of what investors saw in the lead-up to the SEC’s decision on spot bitcoin ETFs seen at the start of 2024.
Yahoo Finance Senior Markets Reporter Jared Blikre monitors the price action brewing around digital assets and the year-to-date crypto asset flows since the spot bitcoin ETF’s inception.
For more expert insight and the latest market action, click here to watch this full episode of Market Domination.
This post was written by Luke Carberry Mogan.
Video Transcript
Sticking with the prospect of another spot.
Crypto ETF Jared Blier is here now with a look at the lessons learned from what happened with Bitcoin.
Jared.
Yes, it’s, uh, hard.
Easy to forget that.
Uh, only at the beginning of the year.
We are still looking forward to the spot Bitcoin ETF approvals.
And I’m gonna put up a chart here of Bitcoin.
This is gonna be over the last year and things that rumour mill really got started last October.
We didn’t get the approvals until, let’s say mid January, and we actually saw a little bit of a decline.
Sell the news on that.
But then we rose to record highs.
And that’s where we’ve been kind of languishing in this in this upper end of this trading range here.
Now, with Ethereum really interesting that this comes right now.
It was only a week or two ago that President Trump himself came out as a pro crypto candidate, and it’s leading a lot of people to speculate that this reversal, this sudden reversal that we saw at the SEC with respect to the spot ether, is because the Democratic Party wants to be more competitive in crypto.
So whether or not that’s the case, I do want to point out Jim Bianco has pointed out Rather, and I’ll echo his sentiments here that the whole purpose of the spot Bitcoin ETF that there is going to be this wave of boomers and people just absorbing all this all this Bitcoin into their 401 This did not happen.
In fact, we see the Bitcoin ETF flows.
This is as of this year.
So this is year to date, largely just following the price.
Uh, Bitcoin topped out right in here and this is when it started trading in that range and that is when the flow started decreasing.
So we haven’t seen the promised uptake in people’s 401 that could happen.
But nevertheless, the fact that this is now a political football is just bullish for crypto.
You’re probably going to see a lot of favourable statements into the election.
So take that for what you will.
Jared.
Thanks a lot.
Appreciate it.
We’ll continue to be on top of this
