Bitwise: ‘SEC may postpone Ethereum ETF until December’

Bitwise Chief Investment Officer Matt Hougan expects that the US Securities and Exchange Commission (SEC) may postpone an Ethereum ETF until December. These statements by Hougan follow Bitwise’s announcement that they also want to launch an Ethereum ETF.

Bitwise and its Spot Bitcoin ETF

Bitwise launched its Spot Bitcoin ETF on January 11. Since then, it has achieved enormous success and acquired $2 billion in assets. This puts it in fifth place in the great Bitcoin ETF race.

“The Spot Bitcoin ETFs are the fastest growing ETFs ever and by a wide margin. I believe the fastest growing ETF for these nine was the Nadsaq 100 ETF (QQQM), which went from zero to $5 billion in one year. These ETFs have raised $10 billion in less than two months,” Hougan said.

We just have to remember that the US dollar was worth a lot more the year the Nasdaq 100 ETF launched. That is also something you have to take into account if you want to compare the two.

Therefore, it is difficult to say that the Spot Bitcoin ETFs are really more successful than the Nasdaq. If ETF flows continue this way throughout the year, we might be able to say so, but it is still too early for that.

Postponement for Spot Ethereum ETF?

While Hougan is confident about the eventual launch of a Spot Ethereum ETF, he believes it won’t be all that bad if the ETF doesn’t hit the market until late 2024.

“We think it’s a natural path that investors have been following for 15 years. They start with Bitcoin and then want to buy other things. I think Ethereum will become very attractive. I think the Ethereum ETFs will be more successful if they launch in 12 months than if they launch in May.

I know it sounds strange, but I think TradFi is still working on understanding Bitcoin. If you give them time to get comfortable with Bitcoin and crypto, they will be ready for the next thing,” Hougan said.

According to Hougan, we do not have to worry at all about delaying the Ethereum ETFs and it would even be good for the market.

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