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Jim Cramer, the host of CNBC’s Mad Money show, believes that a spot ethereum exchange-traded fund (ETF) “will soon bloom.” He cited the immense success of spot bitcoin ETFs, which set several records this week, as the reason behind his statement.
Jim Cramer on Spot Ethereum ETFs
Mad Money host Jim Cramer weighed in on bitcoin exchange-traded funds (ETFs) and the prospect of spot ethereum ETFs on social media platform X Wednesday. Cramer is a former hedge fund manager who co-founded Thestreet.com, a financial news and literacy website. He wrote:
Given the success of the bitcoin ETF, it’s pretty obvious that an ethereum ETF will soon bloom.
Cramer’s remarks came as 10 new spot bitcoin ETFs broke their inflow and trading volume records on Wednesday. Their total net inflow amounted to $673.4 million, beating the $655.2 million record inflow set on Jan. 11, the first day of trading for the 10 funds. Blackrock’s Ishares Bitcoin Trust (IBIT) alone brought in $612.1 million, breaking its personal record of $520.2 million set the previous day.
Several applications for spot ethereum ETFs are currently pending with the SEC. The securities regulator is expected to rule on approval by May. While some, including Standard Chartered Bank, believe the SEC will grant approval, skepticism remains as SEC Chairman Gary Gensler has been silent on whether he classifies ether as a security or commodity.
Cramer has a history of inaccurate predictions about bitcoin, leading to the popular meme in the crypto world known as the “reverse Cramer effect.” This phenomenon suggests that bitcoin’s price often moves in the opposite direction of Cramer’s predictions: if he’s bearish, it might be a bullish sign for bitcoin, and vice versa. In January, the Mad Money host cast doubt on bitcoin’s ability to find its footing, warning of a “nasty beginning” to a BTC selloff.
The Mad Money host’s optimistic comment on a potential ethereum ETF has generated a wave of lighthearted and skeptical responses. Many simply asked Cramer to stop posting about ethereum and potential crypto ETFs. Some expressed concerns due to the reverse Cramer effect, with comments like “Looks like Gensler will block the ethereum ETF,” “ETH is so screwed,” and “Game over for ethereum ETF.”