Mad Money host Jim Cramer anticipates the emergence of a spot Ethereum exchange-traded fund (ETF) in the near future. He points to the recent success of spot Bitcoin ETFs, which have broken multiple records this week, as evidence supporting his assertion.
Jim Cramer shared his thoughts on Bitcoin exchange-traded funds (ETFs) and the potential for spot Ethereum ETFs via the social media platform X on Wednesday. Cramer, a former hedge fund manager and co-founder of Thestreet.com, a financial news and literacy website, stated:
Given the success of the bitcoin ETF, it’s pretty obvious that an ethereum ETF will soon bloom.
Cramer’s remarks coincide with 10 new spot Bitcoin ETFs breaking records for inflow and trading volume on Wednesday. These funds collectively saw a total net inflow of $673.4 million, surpassing the previous record of $655.2 million set on Jan. 11, the first day of trading for these 10 funds. Blackrock’s Ishares Bitcoin Trust (IBIT) alone attracted $612.1 million, surpassing its previous record of $520.2 million set the day before.
Currently, several applications for spot Ethereum ETFs are awaiting approval from the SEC, with a decision expected by May. While some, such as Standard Chartered Bank, anticipate approval, skepticism remains, particularly since SEC Chairman Gary Gensler has not clarified whether he views Ether as a security or commodity.
Cramer has a history of making inaccurate predictions about Bitcoin, leading to the creation of the “reverse Cramer effect” meme in the crypto community. This phenomenon suggests that Bitcoin’s price often moves contrary to Cramer’s predictions: if he expresses bearish sentiments, it might signal a bullish trend for Bitcoin, and vice versa. In January, Cramer cast doubt on Bitcoin’s ability to stabilize, warning of a potentially negative start to a Bitcoin selloff.
Cramer’s optimistic remarks regarding a potential Ethereum ETF have elicited a mix of playful and skeptical responses. Many have simply urged Cramer to refrain from discussing Ethereum and potential crypto ETFs. Others have expressed concerns about the reverse Cramer effect, with comments such as “Looks like Gensler will block the Ethereum ETF,” “ETH is in trouble,” and “Game over for Ethereum ETF.”
Do you think the “reverse Cramer effect” will impact the prospects for Ethereum ETFs? Share your thoughts in the comments section below.
