21Shares’ president also shared thoughts on the likelihood of Ethereum ETF approvals.
Ophelia Snyder, co-founder and president of 21Shares, in an interview with Bloomberg on January 30th, stated that spot Bitcoin ETFs achieved notable success.
Among several spot Bitcoin ETFs approved by the United States Securities and Exchange Commission (SEC) on January 10th, 21Shares is managing an ETF jointly with Ark Invest.
Regarding the approval of these ETFs, Snyder said:
“At the end of the day, these flows have been really promising. It’s one of the best ETF launches of all time. We’ve seen north of $600 million in assets come into our product just in the last couple of weeks.”
Snyder noted that this trend stems from a diversified investor base and is “extremely exciting.” She highlighted that new products are attracting financial advisors to the cryptocurrency market, which will shape the industry’s future.
Bloomberg reported a total entry of $1 billion into spot Bitcoin ETFs. When asked if this figure was low in light of the intense anticipations before approval, Snyder mentioned it’s “still very early.” She stated that the inclusion of ETFs on more platforms and their spread among advisors will take time, estimating this process to last about three months.
Snyder Spoke on the Likelihood of Approval for ETH ETFs
Snyder also shared her views on pending Ethereum ETF applications. Regarding the chances of these funds being approved in the coming months, she said:
“I think it’s really hard to say at this stage. It’s going to come down to how the arguments that were made in support of a spot Bitcoin product actually translate into Ethereum and what the maturity of that market looks like.”
Snyder added that at 21Shares, they remain optimistic about Ethereum ETFs and eagerly await collaboration with regulators.
Other sources have varying opinions on the likelihood of approval. The Polymarket prediction market forecasts a 47% chance of Ethereum ETFs being approved by May 31st. Bloomberg ETF analyst James Seyffart predicts a 60% chance of approval in May, while an official from JP Morgan assesses the likelihood at 50%.
Standard Chartered Bank believes an approval in May is probable, while TD Cowen thinks any approval throughout 2024 is unlikely.
