- Bitwise CIO Hougan wants an ETH ETF approval in December.
- He argued that TradFi was too focused on Bitcoin, which could impact ETH ETFs.
In a shocking turn of events, Bitwise has asked for a spot Ethereum [ETH] ETF Approval Delay.
Instead, the asset manager, which recently filed an amended application for ETH ETF on March 28, prefers that approval be postponed until December 2024.
In a interview at Forbes, Bitwise CIO Matt Hougan claimed that the asset management industry is too focused Bitcoin [BTC] currently.
Ergo, according to the CIO, the approval of ETH ETFs in May would take away interest in the products to match the success of BTC ETFs.
“I think the ether ETFs will be more successful if they launch within 12 months than if they launch in May.”
Hougan added that,
“Part of me hopes it’s December or something like that because I think that’s better for the market.”
May ETH ETF Approval Odds
So far, Grayscale, VanEck, Hashdex, and Ark 21Shares’ ETH ETF filings have been postponed. The deadline for most early applications is May.
However, Bloomberg ETF analysts Eric Balchunas and James Seyffart have maintained low odds ETH ETF Approval in May.
Similarly, Bitwise CIO Hougan acknowledged the low chances of approval in May, but remained confident that ETH ETFs would eventually emerge.
“I think the market consensus that this will happen in May is possible but unlikely. I am confident that we will get an ether ETF.”
Additionally, Hougan reiterated that the recent Dencun upgrade was a big deal. But it didn’t come up during his meetings with investors.
This led him to believe that it might be difficult to shift focus from Bitcoin to Ethereum at this point.
Meanwhile, ETH extended its price consolidation around $3500. The asset was at the same price level last week.
However, it remains to be seen whether it will attempt a breakout in early April, even if ETH ETF May approvals remain low.
