Spot Ethereum ETFs Likelihood at 50%, Bitcoin to Rally to $88,000

• Bitwise researcher Ryan Rasmussen expresses satisfaction with the performance of Bitcoin ETFs, noting a significant influx of $1 billion into Bitwise Bitcoin ETF.
• Rasmussen believes there is a 50% chance of spot Ethereum ETFs receiving approval in the coming months, with experts forecasting similar odds for approval in May.

Bitcoin (BTC) has finally broken out of its consolidation phase registering a strong rally of 10% in the last 24 hours moving all the way closer to $57,000. The recent price surge comes on the backdrop of strong inflows into spot Bitcoin ETFs.

On Monday, the spot Bitcoin ETFs recorded a total of $519 million in total inflows, double from the previous day. Also, the trading volumes across all nine spot Bitcoin ETFs crossed $2.4 billion, hitting a new all-time high. Grayscale’s ETF, GBTC, saw a net outflow of $22.37 million, marking the fourth consecutive trading day of decreasing net outflows. However, these were the lowest daily outflows ever since the launch of spot Bitcoin ETFs.

Bitwise researcher Ryan Rasmussen expressed immense satisfaction with the performance of Bitcoin ETFs, highlighting a remarkable $1 billion influx into the Bitwise Bitcoin ETF (BITB) and a collective asset flow exceeding $15 billion across all ETFs.

He anticipates that the emergence of spot Bitcoin ETFs and similar funds will stimulate crypto prices, particularly as previously hesitant institutional investors join the market. Rasmussen sees crypto as emerging from the downturn of 2022 and entering a multi-year bull cycle. He said:

“When we have that kind of demand shock coming into the market, I think it’s no surprise that we’ve seen the price of Bitcoin rise … I think it will be the same for Ethereum or other assets if there were other ETFs to come to markets.”

Rasmussen reiterated Bitwise’s earlier price forecasts, affirming their expectation for Bitcoin to reach a new all-time high of at least $88,000 by the end of 2024.

After Bitcoin, the Ethereum ETF Approval Chance Stands At 50%

During a February 26 interview with Yahoo Finance, Ryan Rasmussen expressed his belief that there is a 50% likelihood of spot Ethereum ETFs receiving approval in the forthcoming months. He said:

“I certainly don’t know if the market is necessarily at a point that the SEC would like to see in order to approve those spot [Ethereum] ETFs this May. I think it’s about a 50/50 percent chance that we’ll see approval or we’ll see rejection and kick it out to another … round of applications in the future.”

Other experts, including Bitwise Global Head of Research Matt Hougan, have previously forecasted a near 50% likelihood of spot ETH ETFs being approved in May. Conversely, the odds for approval are slightly lower at 41% according to the Polymarket website.

The SEC is slated to make a decision on VanEck’s spot Ethereum ETF application by the May 23 deadline, and it is anticipated to consider the other applications concurrently, similar to its approach with spot Bitcoin ETFs.

Rasmussen also discussed how the SEC did not greenlight Bitcoin ETFs until Grayscale initiated a lawsuit contesting the dismissal of its application. He added that it remains uncertain whether a similar lawsuit might be necessary for ETH ETFs.

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