BlackRock, the world’s largest asset manager, along with 13 other institutional giants, has received approval from the United States Securities and Exchange Commission (SEC) to launch the first spot Bitcoin exchange-traded funds (ETF) in the United States. The launch took place on January 10, marking BlackRock’s entry into the spot Bitcoin ETF race. This move has sparked a new wave of optimism among crypto enthusiasts, given BlackRock’s impressive track record in ETF approvals and its management of over $8 trillion in assets.

Historically, BlackRock has had 575 ETF approvals against one rejection. With the recent approval for spot Bitcoin, this record now stands at 576-1. This impressive track record was a key factor that led analysts and market experts to anticipate a positive outcome even before the SEC’s decision.

Following the approval of spot Bitcoin ETFs, speculation has already begun within the crypto community about the potential approval of a spot Ether ETF. BlackRock filed for a spot Ether ETF in November 2023, with the SEC’s decision deadline set for May 23. Many crypto proponents believe that a spot Ether ETF could indeed be approved.

Bloomberg’s senior analyst, Eric Balchunas, who previously predicted a 95% chance of approval for a spot Bitcoin ETF, now believes there is a 70% chance of an Ether ETF being approved by May this year.

Interestingly, the price of Ether surged by 10% on the day of the Bitcoin ETF approval. However, Bitcoin’s price remained relatively stable throughout the day, momentarily dipping below $46,000 before regaining its $46,000 support.

This News Article was automatically generated by Bob the Bot (AI)

Information	Details
Geography	North America
Countries	🇺🇸
Sentiment	positive
Relevance Score	1
People	Eric Balchunas
Companies	BlackRock, Bloomberg, United States Securities and Exchange Commission
Currencies	Bitcoin, Lido Staked Ether
Securities	None