Bitcoin has been breaking through tough resistance levels, largely due to the anticipation around the Spot Bitcoin ETF. The market is buzzing with a near-certain belief that the ETF will be approved on Wednesday. However, there’s an overlooked aspect: the Spot ETH ETF.
While the focus is on the Spot BTC ETF, and altcoins including ETH continue to decline, attention will soon shift to Ethereum. Financial giants like Fidelity and BlackRock are in the process of seeking approval for their own Spot ETH ETFs, with Grayscale also looking to convert its trust into an ETF.
The SEC is set to decide on two major ETF applications on the 21st and 25th of this month, with final decisions expected between May and August. The table below shows the key dates for these decisions.
If ETH begins to rise due to the ETF narrative, investors will have ample time, especially from February, to ‘buy the expectation.’ This could signal a shift in focus to Ethereum by trillion-dollar giants, potentially leading to positive developments for Ethereum and significant implications for the price of ETH.
Should ETH’s price surge with the expected ETF rally, Bitcoin dominance (BTCD) may loosen, paving the way for further increases in altcoins. Many altcoins could outperform ETH in percentage gains due to market cap limitations. However, SEC’s comments on the risks associated with Ethereum’s transition to Proof of Stake (PoS) suggest that approval for the Spot ETH ETF might not be as straightforward as for BTC.