Ethereum Prices (ETH-USD) are jumping on the possibility that the Securities and Exchange Commission (SEC) could approve bids for an ether ETF. This type of action in the cryptocurrency market is reminiscent of what investors saw in the lead-up to the SEC's decision on spot bitcoin ETFs seen. in early 2024.
Yahoo Finance Senior Markets Reporter Jared Blikre monitors the price action brewing around digital assets and crypto asset flows year-to-date since the inception of the bitcoin spot ETF.
For more expert insights and the latest market action, click here to watch this full episode of Market Domination.
This post was written by Lucas Carberry Mogan.
Video transcript
Continuing with the perspective of another place.
Crypto ETF Jared Blier is here now with a look at the lessons learned from what happened with Bitcoin.
Jared.
Yes it's hard.
It's easy to forget that.
Uh, just at the beginning of the year.
We are still waiting for timely Bitcoin ETF approvals.
And I'm going to put a Bitcoin chart here.
This will be within the last year and the rumors really started last October.
We didn't get approvals until, say, mid-January, and we actually saw a little bit of a decline.
Sell โโthe news about it.
But then we reached record levels.
And that's where we've been languishing at this upper end of this trading range.
Now, with Ethereum it's really interesting that this is coming right now.
It's only been a week or two since President Trump himself came out as a pro-cryptocurrency candidate, and that's leading a lot of people to speculate that this reversal, this sudden reversal that we saw at the SEC with respect to spot ether, is because the Democratic Party wants to be more competitive in crypto.
So whether that's the case or not, I want to point out that Jim Bianco has pointed out rather, and I'll echo his sentiments here, that the purpose of the Bitcoin spot ETF is that there will be this wave of boomers and people. just absorbing all this Bitcoin into your 401. This didn't happen.
In fact, we see the Bitcoin ETF flows.
This is starting this year.
So this is the year to date, largely following the price.
Uh, Bitcoin peaked here and that's when it started trading in that range and that's when the flow started to slow down.
So, we haven't seen the promised 401 acceptance from people that could occur.
However, the fact that this is now a political football is simply bullish for cryptocurrencies.
You will probably see a lot of favorable statements in the elections.
So take it however you want.
Jared.
Thank you so much.
I appreciate it.
We will continue to monitor this.
