BlackRock Achieves Significant Success with Spot Bitcoin ETF Approval: Is Ethereum Next in Line?

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• The world’s largest asset manager, BlackRock, and 13 other corporate giants received approval from the SEC on January 10th to launch the first spot Bitcoin exchange-traded funds (ETFs) in the United States.
• BlackRock, with a history of 575 approvals and one ETF rejection, now stands at a record of 576-1 with the spot BTC approval.
• Ether rose by 10% on the day of the BTC ETF approval. However, BTC traded within the same range throughout the day and recovered after briefly falling below $46,000.

The world’s largest asset manager, BlackRock, has successfully obtained the necessary approval from the U.S. Securities and Exchange Commission (SEC) to offer a spot Bitcoin ETF in the U.S.

BlackRock Wins Approval for Spot Bitcoin ETF

The world’s largest asset manager, BlackRock, and 13 other corporate giants received approval from the U.S. Securities and Exchange Commission (SEC) on January 10th to launch the first spot Bitcoin exchange-traded funds (ETFs) in the United States.

BlackRock’s entry into the race for a spot Bitcoin ETF has given crypto advocates a new sense of hope, considering the company’s status as the world’s largest asset manager with over $8 trillion in assets under management and its flawless ETF approval record.

BlackRock had a record of 575 approvals and one ETF rejection in its history, and with the spot BTC approval, this record is now 576-1. This was one of the main reasons analysts and market experts were confident about the potential approval before the SEC’s decision. Following the approval of spot BTC ETFs, the crypto community has already started speculating on the potential approval of an Ether ETF in May.

BlackRock’s Ethereum ETF Application

BlackRock submitted an application for a spot Ether ETF in November 2023. The deadline for the SEC’s decision on the application is May 23rd, and many crypto advocates believe that a spot Ether ETF could be approved. Bloomberg Senior Analyst Eric Balchunas, who assessed the likelihood of spot BTC ETF applications being approved before the SEC decision on January 10th as 95%, believes there is a 70% chance of Ether ETF approval in May. Ether rose by 10% on the day of the BTC ETF approval. However, BTC traded within the same range throughout the day and recovered after briefly falling below $46,000.