Bitwise researcher Ryan Rasmussen suggests there's a 50% likelihood of spot Ethereum ETFs obtaining approval in the near future. In a February 26 interview with Yahoo Finance, Rasmussen expressed uncertainty about the SEC's stance regarding the market's readiness for these ETFs by May, estimating the approval chances at around 50/50 or facing rejection, potentially leading to further application rounds later on.

Other sources, including Bitwise Global Head of Research Matt Hougan, have previously indicated similar odds of around 50% for spot ETH ETF approval in May. Polymarket, however, slightly lowers the odds to 41%.

The SEC's decision on VanEck's spot Ethereum ETF application is due by May 23, with expectations of simultaneous decisions on other applications akin to the process for spot Bitcoin ETFs.

Rasmussen also discussed the historical context of Bitcoin ETF approvals, noting that SEC approval only came after Grayscale initiated a lawsuit concerning the dismissal of its application. Whether a similar lawsuit might be necessary for ETH ETFs remains uncertain, as does the possibility of any applicant filing a lawsuit at this stage.

While Bitwise doesn't have a pending spot Ethereum ETF application, it was among several applicants approved for a spot Bitcoin ETF in January. Rasmussen highlighted Bitwise's satisfaction with the success of Bitcoin ETFs, which have seen over $1 billion in assets flow into its Bitwise Bitcoin ETF (BITB) and over $15 billion collectively across all ETFs.

Moreover, Rasmussen anticipates that the introduction of spot Bitcoin ETFs and other funds will stimulate crypto prices as previously hesitant institutional investors enter the market. He underscored the potential impact of such demand shocks on asset prices, citing recent increases in Bitcoin's value. Additionally, he discussed various market factors influencing crypto, such as Bitcoin's impending halving, Ethereum's Dencun upgrade, NFT trading volumes, and Solana's price surge.

Rasmussen concluded by reaffirming Bitwise's earlier price forecasts, maintaining the expectation of Bitcoin reaching a new all-time high of at least $88,000 by the end of 2024, suggesting that crypto is entering a multi-year bullish cycle after the challenges of the 2022 market.