Jim Cramer’s Take On Ethereum ETFs After Bitcoin ETF Success
Jim Cramer, host of CNBC’s Mad Money show, anticipates the imminent emergence of a spot Ethereum exchange-traded fund (ETF), drawing parallels with the remarkable success of spot Bitcoin ETFs that set multiple records this week.
Cramer expressed his optimism on social media, stating, “Given the success of the bitcoin ETF, it’s pretty obvious that an Ethereum ETF will soon bloom.” This follows the exceptional performance of 10 new spot Bitcoin ETFs, breaking inflow and trading volume records with a total net inflow of $673.4 million on Wednesday. BlackRock’s Ishares Bitcoin Trust (IBIT) alone attracted $612.1 million.
While several applications for spot Ethereum ETFs await SEC approval, skepticism lingers, notably concerning SEC Chairman Gary Gensler’s classification of ether as a security or commodity. Cramer, known for his mixed track record with Bitcoin predictions, sparked lighthearted and skeptical responses, with some invoking the “reverse Cramer effect.” This phenomenon suggests that Bitcoin’s price tends to move in the opposite direction of Cramer’s predictions.
Clever Robot News Desk 2nd March 2024
