The financial world has already seen one seismic shift this year, with the U.S. Securities and Exchange Commission (SEC) giving the green light to spot Bitcoin ETFs. These new ETFs will not only allow the average investor access to the world’s largest cryptocurrency to help diversify their portfolios, but they are expected to simplify institutional access to Bitcoin, meaning we could see spot Bitcoin ETF holdings as part of pension plans, 401(k)s, and RRSPs.1

Naturally, as the excitement about spot Bitcoin ETF approval reverberates through the crypto space, all eyes are turning to regulators and whether they might soon approve spot Ether ETFs, too.

So what are the odds of such an approval in the near future? What factors will be at play in the decision-making? And if a spot Ethereum ETF is approved, what could that mean for the price of the digital coin?

Is Spot Ether ETF Approval Coming in 2024?

The answer to this question depends on who you ask. The key date either way is the month of May, when the SEC must make a final decision on the earliest of several spot Ether ETF applications.

Though the broader crypto community might be abuzz with anticipation, analysts at JPMorgan strike a cautious tone about the probability of a spot Ether ETF approval. They give the odds of such approval coming in 2024 at 50%.

The main reason for their cautious stance has to do with the regulatory intricacies involved in such an approval. The SEC has yet to rule on the classification of Ethereum — whether it is a commodity or a security. This determination will play a huge role in shaping the destiny of spot Ether ETFs.

“In our opinion,” said JPMorgan’s Nikolaos Panigirtzoglou, “for the SEC to approve spot Ethereum ETFs in May, it would need to classify Ethereum as a commodity (similar to bitcoin) rather than a security. This is far from given, and I wouldn’t put more than a 50% chance to the SEC classifying Ethereum as a commodity before May.”2

A more optimistic outlook, however, is provided by analysts at Bloomberg, who see the probability of SEC approval for spot Ether ETFs at an encouraging 70%.3 More on that in a moment.

What Will Factor into a Spot ETF Approval?

As mentioned, the main factor determining whether spot Ether ETFs get approved is whether the SEC categorizes Ethereum as a commodity by May.

SEC Chair Gary Gensler made clear that he viewed the spot Bitcoin ETFs as something of a one-off and indicated that the approval “shouldn’t be read to be anything more than that.”4

Remember, the SEC only grudgingly approved spot Bitcoin ETFs after legal action forced them to reconsider bids for approval.5 Will a spot Ether ETF follow a similar path?

Whatever the eventual outcome, the SEC clearly intends to proceed cautiously. One day before the January 25 deadline, the SEC announced it was delaying its decision on a spot Ethereum ETF application by BlackRock. The reason given was the need for additional time to review rule changes to make the ETF possible. The application has a final deadline of August 7, 2024, by which time the SEC must rule.6

Given this uncertainty, keeping the Bloomberg analysis in mind is helpful when considering whether spot Ethereum ETFs will be available soon.

The Bloomberg estimate favouring approval—70%—was based on a compelling comparison between the journeys of both Bitcoin and Ethereum toward spot ETF approvals. Recall that Bitcoin futures ETFs were first approved in 2021. Ethereum futures ETFs were granted approvals just this past September 2023.7 Approval is something the market clearly wants, and it may just be a matter of the SEC getting used to the idea, too.

Bloomberg analyst Eric Balchunas said he “could not see a scenario where spot Bitcoin ETFs are approved but spot Ether ETFs are not,” adding, “Ether spot is tied to the hip of Bitcoin spot.”8

Spot ETF Approval Could Boost Ethereum’s Value

So when approval of a spot Ether ETF does come, how might it affect the value of the digital currency? To understand this, let’s look at the impact spot Bitcoin ETFs had on the price of Ethereum, as well as the reaction of financial advisors to spot Bitcoin ETFs.

In the 24 hours after the debut of spot Bitcoin ETFs, the price of Ether rose 9% to a 20-month high. That increase followed a remarkable 15% rally in the price of Ether over the week preceding spot Bitcoin ETFs. All this suggests that traders are betting on spot Ether ETF being approved at some point soon and anticipating a great deal of unrealized value in Ether.9

And then there’s the attention spot Ether ETFs might get from financial advisors. Here again, we can extrapolate from the experience of Bitcoin. According to research from the Digital Asset Council of Financial Professionals, only about 12% of financial advisors recommended Bitcoin to clients prior to the advent of spot Bitcoin ETFs. However, fully 77% planned to recommend Bitcoin with approval of a U.S. spot Bitcoin ETF.10

If the interest in spot Ether ETFs tracks that of spot Bitcoin ETFs in this study, then the potential for Ether to be included as a recommended part of a balanced portfolio could be substantial and would likely positively impact the price of Ether overall.

Investing in Cryptocurrency with ETFs

Deciding which cryptocurrency to own and how much to allocate can be overwhelming for many investors.

Evolve’s Ether ETF (ETHR ETF) offers a great way for investors to access the price of Ether through a secure investment solution. For more information on this fund, visit

Evolve’s Bitcoin ETF (EBIT ETF) is one of Canada’s first bitcoin ETFs and provides investors with a simple and efficient way to access the price of physical Bitcoin through a secure investment solution. For more information on this fund, visit

For a more diversified cryptocurrency investment solution, the Evolve Cryptocurrencies ETF (ETC ETF) is Canada’s first multi-crypto ETF. ETC ETF is designed to be a one ticket solution to cryptocurrency exposure. It is market cap weighted and rebalanced monthly. It currently holds Bitcoin (TSX: EBIT) and Ether (TSX: ETHR) but as regulators approve other crypto ETFs, they may be added as well. For more information on this fund, visit

To stay updated with insights on investing in cryptocurrency and related investment products, sign up for our weekly newsletter here.


  1. Byrne, M., “What Would a Spot Bitcoin ETF Approval Mean for Investors?,” Nasdaq, October 24, 2023;
  2. Canny, W., “No More Than 50% Chance of Spot Ether ETF Approval By May, JPMorgan Says,” CoinDesk, January 19, 2024;
  3. C, H., “Ethereum Spot ETFs Could Be Next, According to Bloomberg Analyst,” Yahoo Finance, January 11, 2024;
  4. Wynn, S., “Gensler says SEC’s move to approve spot bitcoin ETFs was limited, despite excitement about possible Ethereum ETFs,” The Block, January 24, 2024;
  5. Bharathan, V., “Approvals For Ethereum Spot ETPs Could Be Next,” Forbes, January 20, 2024;
  6. C, H., “SEC Delays BlackRock’s Spot Ethereum ETF Decision,” Yahoo Finance, January 24, 2024;
  7. Kim, K. & Bacina, M., “SEC approves the first Ethereum Futures ETF,” Bits of Blocks, December 5, 2023;
  8. C, H., “Ethereum Spot ETFs Could Be Next, According to Bloomberg Analyst,” Yahoo Finance, January 11, 2024;
  9. Shukla, S., “Bitcoin Rival Ether Jumps on Bets Token Is Next for ETF Approval,” Bloomberg, January 11, 2024;
  10. Kunke, M. & Rudick, B., “Sizing the Massive Spot Bitcoin ETF Opportunity,” CoinDesk, November 6, 2023;
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