Bloomberg Analyst Bets Against March Approval of Ethereum ETF

Bloomberg analyst James Seyffart has wagered 4 ETH that the SEC will not approve spot Ethereum ETFs in March.

I will bet 4 ETH that this does not happen @Ashcryptoreal https://t.co/5KSUix4Svh

— James Seyffart (@JSeyff) February 17, 2024

The expert responded to a post on X by crypto trader Ash Crypto, who has 952,000 followers. Ash Crypto mentioned a rumor about the registration of products by the end of March, although the information is unconfirmed.

“Just like there were many rumors about the approval of a Bitcoin ETF in December [2023]. But due to numerous updates in the documents, it was postponed to January. The same could happen with ETH. But I have a strong feeling,” noted Ash Crypto.

In response to a comment, Seyffart remarked that he decided to reply to the post because it was “spreading well.” Several people forwarded the message to the expert or tagged him.

“I just wanted to publicly state that this is not happening,” he emphasized.

Following Ash Crypto’s rumor, Ethereum’s price reached a local high of around $2930. Over the past 24 hours, the asset’s price increased by 3.3%, while Bitcoin gained only 0.6%, according to CoinGecko.

When asked if Seyffart was willing to bet that spot Ethereum ETFs would not appear by the end of 2024, he unequivocally replied: “No.”

No

— James Seyffart (@JSeyff) February 18, 2024

One user reminded Ash Crypto that Seyffart accurately predicted the approval of similar Bitcoin funds during the second week of January. He advised the trader to follow the analyst on X for reliable ETF information.

Bro @JSeyff been said he was looking for the Bitcoin ETFs to get approved the 2nd week of January. IF YALL WANT UPDATES ON ETFS!!! FOLLOW @JSeyff FOR THAT!! SIMPLE❗️??‍♂️ NOT JUST A BIG X ACCT THAT DONT KNOW SHXT❗️?

— GramSlam BOSS (@MrGramSlam4) February 17, 2024

Earlier, FOX Business predicted the registration of an Ethereum ETF by May. Seyffart estimated this probability at 60%, while his colleague Eric Balchunas was slightly more optimistic at 70%. Morgan Creek Capital CEO Mark Yusko was more pessimistic, suggesting a 50/50 chance.

Analysts from JPMorgan and TD Cowen also expressed doubts about the imminent approval of these products.

Specialists at Standard Chartered suggested that the SEC might register spot Ethereum funds by May 23, with the cryptocurrency’s price reaching $4000 by then.