• Bitwise CIO Hougan wants a spot ETH ETF approval in December.
• He argued that TradFi was too focused on Bitcoin, which could affect ETH ETFs. 

In a shocking turn of events, Bitwise has called for a spot Ethereum [ETH] ETF approval delay. 

Instead, the asset management firm, which recently submitted an amended filing for ETH ETF on the 28th of March, prefers an approval to be pushed to December 2024. 

In an interview with Forbes, Bitwise CIO Matt Hougan claimed that the asset management sector is too focused on Bitcoin [BTC] at the moment. 

Ergo, according to the CIO, spot ETH ETF approval in May would deny the products enough interest to replicate BTC ETFs’ success. 

“I think the ether ETFs will be more successful if they launch in 12 months than if they launch in May.”

Hougan added that,

“Part of me hopes that it’s December or something like that because I think that would be better for the market.”

ETH ETF May approval odds

So far, the ETH ETF applications of Grayscale, VanEck, Hashdex, and Ark 21Shares have been delayed. The final deadline for most of the early applications is in May. 

However, Bloomberg ETF analysts Eric Balchunas and James Seyffart have maintained low odds of ETH ETF approval in May. 

Similarly, Bitwise CIO Hougan acknowledged the low odds of May approval but remained confident that ETH ETFs will eventually happen. 

“I think the market’s consensus that it will happen in May is possible but unlikely. I feel very confident we’ll get an ether ETF.”

Additionally, Hougan reiterated that the recent Dencun upgrade was a big deal. But it didn’t come up during his meet-ups with investors.

This made him believe it could be hard to shift focus from Bitcoin to Ethereum at the moment.  

Meanwhile, ETH extended its price consolidation around $3500. The asset was range-bound last week at the same price level.

However, it remains to be seen if it will attempt a breakout in early April, even as ETH ETF May approvals remain low.