Godfrey Benjamin
The popular crypto controversial CNBC Mad Money host Jim Cramer caught the broader digital currency ecosystem unawares with his positive prediction for spot Ethereum ETF.
Jim Cramer Acknowledges Spot Bitcoin ETF Growth
Per Cramer’s post on X, there is a very high likelihood that spot Ethereum ETF approval will come from the United States Securities and Exchange Commission (SEC) very soon. He hinged his prediction on the success that the spot Bitcoin ETF market has recorded in the last few weeks after being greenlighted by the securities regulator.
Given the success of the bitcoin etf it’s pretty obvious that an ethereum etf will soon bloom
— Jim Cramer (@jimcramer) February 28, 2024
The spot Bitcoin ETF market has registered more than $6 billion in inflows so far with BlackRock’s IBIT leading the train. On Tuesday, IBIT registered a massive $520 million inflow from a net inflow of $577 million. This meant that up to 10,167.5 BTC was added to the general spot Bitcoin pool. The $577 million inflow is the third largest that the nascent ecosystem has seen since it was launched.
On that same Tuesday, the trading volumes for all nine spot Bitcoin ETFs combined reached $2 billion. The volume of flows seen in the spot Bitcoin ETF market must have taken Jim Cramer by surprise because he had previously looked down on the potential of the offering.
He blatantly questioned the future performance of Bitcoin, although, at the time, the coin was struggling to form support at $40,000. However, his recent statement about the Ethereum ETF suggests that he may have changed his perception of the potential of the spot Bitcoin ETF and the flagship cryptocurrency.
Spot Bitcoin ETF Applicants Waiting on the SEC
Meanwhile, there are ongoing meaningful speculations around the spot Ethereum ETF.
Many of the applicants, including Grayscale Investments, are currently awaiting the decision of the SEC on the offering. While waiting, many are updating their applications to ensure that the securities regulator has no excuse to reject their application eventually.
Almost a week ago, the Chicago Board Options Exchange (CBOE) filed the 19b-4 with the agency on behalf of Franklin Templeton for its spot Ethereum ETF. Similarly, VanEck took a strategic step by submitting its S1-A form for its proposed spot Ethereum ETF on February 17.
All of these updates and amendments, like in the case of spot Bitcoin ETFs, may be an indication of how close the approval from the SEC is, hence, Jim Cramer’s prediction may be true.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
