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Just when everyone thought that spot Ether ETFs were going to be denied on Thursday, news broke Monday that they are now likely to be approved, with Bloomberg analysts tripling their odds to a 75% chance of approval.

Eric Balchunas, senior ETF analyst at Bloomberg Intelligence, and Matt Hougan, CIO at Bitwise Asset Management, say this reversal definitely has to do with politics, citing the fight of Staff Accounting Bulletin 121, a rule that was unfriendly to financial institutions wanting to engage with crypto.

Plus, they delve into the reasons why Michael Sonnenshein stepped down as CEO of Grayscale after 10 years (hint: it has to do with GBTC), what the 13F filings revealed about who’s been buying the spot bitcoin ETFs since the beginning of the year, and what Vanguard’s incoming CEO, Salim Ramji, who was instrumental to getting BlackRock to launch its Bitcoin ETF, could mean for crypto’s future at the asset management firm.

Show highlights:

  • Why Eric believes the ether ETFs will be approved
  • Why Matt thinks the Bitcoin ETFs set off a “complete sea change in Washington around crypto”
  • Whether the spot Ether ETFs will be approved with or without staking
  • Who the authorized participants and other behind-the-scenes players in the ether ETFs will be
  • When the ETH ETFs could start trading and why Eric believes they won’t be as successful as Bitcoin ETFs
  • What the 13F filings revealed about the spot Bitcoin ETFs buyers and why their identities are  “stunning”
  • Why Michael Sonnenshein stepped down as CEO of Grayscale
  • Grayscale’s new mini ETF, BTC
  • Whether Vanguard’s new CEO appointment could mean a change in attitude by the asset management firm towards crypto
  • What a buffered ETF is and why they could be significant
  • Matt’s prediction for the BTC price
  • Their outlook on the future of ETFs and developments in the space

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Ether ETFs

SAB 121

13F Filings

Leadership changes