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A congressional nod to change a rule by the U.S. Securities and Exchange Commission set the stage for the approval of Ethereum spot exchange-traded funds (ETFs). According to Matt Hougan, Chief Investment Officer at Bitwise, such a development could push Ethereum (ETH) above last year’s price level of $4,900. Speaking on the Bankless podcast, Hougan said there could be a couple of billion dollars flowing into ETH ETFs if it was to happen, possibly seeing new all-time highs.
He was confident in the future of cryptocurrency ETFs and said he saw a diverse investor landscape. He would estimate, in one year from now, the market will be 30% Bitcoin, 50% mixed, and 20% Ethereum only. That will also increase the robustness of the market, and the potential to drive much higher returns will bring in many more professional investors.
He also added that the ETFs make the crypto market more legitimate; they might make it look more real and not something to imagine. All the lack of new product in the market and the accompanied real demand can make a big deal on the valuation of Ethereum.
