“Spot Ether ETF Approval Will Favor BTC”, Michael Saylor

Michael Saylor In Support Of Spot Ether ETF Approval

MicroStrategy's founder, Michael Saylor has once again attracted attention by speaking in favor of the spot Ether ETF. Recently, eight firms received approval for their spot Ether ETF from the SEC prompting Saylor to comment that this approval could be very beneficial for Bitcoin. In his statement, the MicroStrategy founder said, "I think this is better for BTC. It will provide an additional layer of security for Bitcoin. Moreover, institutional adoption of cryptocurrency will now increase rapidly. Investors will recognize crypto as a legitimate asset class, which will directly benefit Bitcoin as BTC is still the most popular cryptocurrency in the crypto market today."

It is noteworthy that Saylor has changed his opinion on the spot Ether ETF. Previously, he believed that the chances of the spot Ether ETF getting approval from the US Securities and Exchange Commission (SEC) were very low.

Before 23rd May the entire cryptocurrency market believed that getting approval for the spot Ether ETF would be very difficult and Bitcoin would remain the only cryptocurrency with an exchange-traded fund (ETF). The main reason behind this was the SEC's continuous delay in approving the spot Ether ETF.

Approval of 8 Spot Ether ETF Applications by the SEC

On 23rd May after a long wait, the SEC approved 8 spot Ether ETF applications. In the filing, the SEC approved the 19b-4 filings from VanEck, BlackRock, Fidelity, Grayscale, Franklin Templeton, ARK 21Shares, Invesco Galaxy, and Bitwise. 

It should be noted that on 10th January the SEC had already approved the spot Bitcoin ETF, which had generated significant enthusiasm among cryptocurrency investors. Investors saw this as a shift in the SEC's stance towards the crypto market. Therefore, the approval of the spot Ether ETF is seen as a major update in the direction of crypto regulation.

It is notable that the approval of the spot Ether ETF is having a visible impact on the entire cryptocurrency market with Ethereum ($ETH) reaching $3,950 and Bitcoin ($BTC) trading between $68,000 and $69,000. Experts believe that in the future, similar bullish trends could be seen in the crypto market due to the spot Ether ETF and both ETH and BTC could achieve new all-time highs.