The chances of Ethereum Spot ETFs being approved by the US Securities and Exchange Commission (SEC) before May are looking increasingly uncertain, causing concern in the cryptocurrency community as they wait for the SEC’s final decision.
The anticipation over the SEC’s decision underscores the significance of gaining approval for Ethereum ETFs, as it would provide traditional investors with easier access to Ethereum’s spot market. Currently, according to Polymarket data, the likelihood of ETH ETF approval stands at a meager 11%.
Pessimism Deepens As Ethereum ETFs Remain Uncertain
With the May deadline approaching, uncertainty and apprehension grow bigger, threatening to overshadow the prospect of these exchange-traded products being approved. The latest voice adding to the skepticism comes from Nate Geraci, the president of ETF Store.
Based on Geraci’s perspective, the regulatory authority has been unusually quiet regarding Ethereum spot ETFs. He hypothesized that these products may not receive approval because of the Securities and Exchange Commission’s (SEC) reduced interaction with ETF issuers compared to past experiences.
“Logic suggests this is accurate, yet I ponder if the SEC has taken something away from their past experience with Bitcoin ETF applications, labeled as ‘clown shows’ by some,” he remarked, implying that there are essentially two outcomes: approval or legal action, from the regulatory body.
Anonymous user X raised doubts about the president’s statements, suggesting there might be hidden activities to prevent market disruptions before the launch. Geraci agreed, pointing towards Jan Van Eck’s assessment as a potential contradiction.
Noteworthy is that among the earliest applicants for an Ethereum exchange-traded product (ETP), Van Eck stands out. Despite being the first to submit an application, Jan Van Eck expresses skepticism about the approval of these ETPs, predicting they may be denied in May.
He stated:
In the past, regulatory comments on Bitcoin ETF applications took several weeks to receive. Currently, there are significant developments regarding Ethereum, with important decisions imminent.
Given the current situation, investors must be ready for uncertain outcomes as they navigate market fluctuations and adjust their investment strategies in response to new regulatory requirements.
ETH Price Sees Positive Movement
Despite Ethereum ETFs facing negative opinions recently, Ethereum itself (ETH) has seen a recent surge in positive momentum. ETH has once more reached the $3,000 mark, having dropped as low as $2,888 over the weekend.
Currently, the price of Ethereum (ETH) has climbed more than 4%, touching nearly $3,234. This uptick suggests that there may be more gains on the horizon for Ethereum. At present, Ethereum is being traded at $3,215, reflecting a daily growth of approximately 1.40%.
Furthermore, the value and trading activity of the asset have risen by 1.40% and 5.96%, respectively, over the past 24 hours. Due to the expected influence of the Bitcoin Halving on cryptocurrencies, Ethereum might experience significant shifts in the upcoming months.
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2024-04-22 18:04