As an analyst looking back on recent events, I can now recall that uncertainty hung in the air just a few weeks ago regarding SEC approval for new ETF issuers. However, things took an unexpected turn in late May when SEC officials unexpectedly started engaging with applicants after a prolonged period of silence. The turning point came on May 23rd, as the regulator made a pivotal decision and approved a crucial filing – providing a clear pathway towards full approval.

Impact on Ethereum’s price

In early January, the green light for trading spot bitcoin ETFs was given, marking a record-breaking debut for exchange-traded products with an unprecedented influx of funds in a short timeframe. Consequently, the price of bitcoin reached new peak levels, having increased by over 58% within merely two months.

As an analyst, I would interpret this statement as follows: I believe some forecasts indicate that the launch of a spot Ethereum Exchange Traded Fund (ETF) could potentially push the price of Ether up to $6,500. However, I also anticipate that the inflows into these Ethereum-focused funds may not be as substantial compared to their Bitcoin counterparts.

According to Steno Research, the newly introduced ETFs for Ethereum might attract between $15 billion and $20 billion in investments during the initial year. This is roughly equivalent to the amount of capital that spot Bitcoin ETFs have amassed in just seven months. However, Ethereum does not possess the “first-mover advantage” that Bitcoin enjoyed and it lacks a compelling narrative like Bitcoin’s “digital gold” perception among its advocates, as mentioned in Steno Research’s report.