The world’s largest asset manager, BlackRock and ten other institutional giants, got the Securities and Exchange Commission’s (SEC) approval to launch the first spot Bitcoin exchange-traded fund (ETF) in the United States on Jan. 10.

The race for the spot Bitcoin ( BTC ) ETF began in June 2023, with BlackRock joining the race with its filing in June . BlackRock’s entry in the spot Bitcoin ETF race gave a new sense of optimism among crypto proponents not only because it’s the world’s largest asset manager with over $8 trillion in assets under management, but also given its impeccable ETF approval record.

BlackRock had a record of 575 approvals against one ETF rejection in its history, and with spot BTC approval, the record now stands at 576-1. This was one of the key reasons that made analysts and market pundits sure about a potential approval even before the actual approval came in.

BlackRock submitting their ETF application pic.twitter.com/rJNPCXwr0v

— rwlk (@sherlock_hodles) January 10, 2024

Now with spot Bitcoin ETF a done deal, the crypto community has already begun speculations around the second largest crypto asset, Ether ( ETH ) and its potential ETF approval in May later this year.

Related: SEC solicits comments on Fidelity’s spot Ether ETF application

BlackRock filed for the spot Ether ETF in November last year and the final deadline for the SEC decision is slated for May. Thus, many crypto proponents believe a spot Ether ETF could become a reality later this year.

BlackRock doesn't lose. Looking like August for $ETH ETF. https://t.co/rlJmE3RIRZ pic.twitter.com/G2sbA0Mysl

— fewture (@fewture) January 11, 2024

Bloomberg senior analyst Eric Balchunas who gave a 95% chance of approval for a spot BTC ETF approval prior to the SEC nod believes there is a 70% chance that we can see an ETH ETF by May this year

New deadline to obsess over just dropped

May 23rd is the final deadline for decision on VanEck’s spot ETH ETF pic.twitter.com/dgi5EVbPeQ

— Will (@WClementeIII) January 10, 2024

The price of Ether shot by 10% on the BTC ETF approval day, however, BTC traded in the same range throughout the day and dipped below $46,000 momentarily before reganing $46,000 support.

Magazine: BlackRock meets with SEC over ETF, Binance’s new era begins and SBF loses release bid: Hodler’s Digest, Nov. 19–25