Spot Ether ETF: ‘No Grounds for Disapproval,’ Major Expert Says

While many experts doubt Ethereum ETHUSD ETF approval might follow this year, The ETF Store president Nate Geraci maintains optimism.

Spot ETH ETF disapproval has no grounds, expert Nate Geraci says

After the conference between the U.S. Securities and Exchange Commission, Grayscale and Coinbase, it was confirmed that futures and spot markets in ETHUSDT pairs demonstrate the strongest positive correlation. Given the reliability of these ties, top expert Nate Geraci sees no potential grounds for disapproval of spot Ether ETFs in the U.S.

SEC met yesterday w/ Grayscale attorneys & Coinbase re: spot ether ETF…

Discussion included analysis of correlation b/w futures & spot markets.https://t.co/sYKrxprjjR pic.twitter.com/vxx1rnV0ZO— Nate Geraci (@NateGeraci) March 8, 2024

He recalled that the SEC approved Ether futures ETFs on the Chicago Mercantile Exchange. As such, the prospects of ETH ETF approval look bright to the expert.

In the Coinbase thesis for the conference, it was stressed that the approval of Bitcoin spot ETFs applies with equal or greater force for Ethereum ETHUSD.

Also, the U.S.-leading exchange stressed that Ethereum ETHUSD has mechanisms to limit its exposure to fraud and manipulation.

Yesterday, Ethereum ETHUSD was brutally rejected at the $4,000 level as the price dropped to $3,800 in minutes. By printing time, the ETH price stabilized at $3,920 on major spot exchanges.

Pessimism prevails in community

Market veteran Nate Geraci is also the host of the ETF Prime podcast covering exchange-traded funds and a co-founder of The ETF Institute advisory firm.

As covered by U.Today previously, cryptocurrency experts are pessimistic about the prospects of Ethereum ETFs in the U.S. in 2024.

One week ago, Jake Chervinsky, the chief legal officer of VC fund Variant, admitted that the product will likely be rejected due to political reasons.