You can check the website statistics yourself or request them from us at [email protected]
On this platform, only organic high-quality traffic
Bitcoin
$ 30,725

Spot Ethereum ETF Approval Expected May 23rd and Could Surge in Value, New Report Says

According to a report on January 30th, the United States Securities and Exchange Commission (SEC) is currently considering the approval of spot Ethereum Exchange-Traded Funds (ETFs) by May 23rd of this year.

A Positive Outlook

The report from The Block is based on insights from Standard Chartered Bank, a multinational bank headquartered in London. Geoffrey Kendrick, the Head of Forex and Digital Assets Research at Standard Chartered, anticipates that the approval for spot Ethereum Exchange-Traded Funds (ETFs) may happen sooner rather than later.

Kendrick mentioned in the report, “We expect pending applications for ETH U.S. spot ETFs to be approved on May 23, the final deadline for the first of the ETFs under consideration – the equivalent date to Jan. 10 for BC ETFs. If ETH prices perform similarly to how BC prices performed in the lead-up to BTC ETF approval, ETH could trade as high as $4,000 by then.” This suggests that Ethereum’s price could see significant gains if spot ETFs are approved.

Conflicting Reports

Standard Chartered Bank’s report came out just one day after New York-based investment bank TD Cowen made a contrasting prediction. TD Cowen suggested that the approval of spot Ethereum ETFs by the SEC would be delayed until 2025 or 2026, primarily due to the political climate in the United States.

According to TD Cowen’s analysis, “Our view remains that Gensler is in no hurry to approve an Ethereum ETF as he would first like more experience with the performance of the recently approved spot Bitcoin ETFs.” This analysis stands in contrast to the expectations of a May 23rd approval date held by Standard Chartered Bank and several other financial firms and ETF analysts. The May 23rd date is tied to the SEC’s deadline for reviewing applications submitted by Ark21Shares and VanEck.

Furthermore, in an interview earlier this month, Bloomberg’s senior ETF analyst, Eric Balchunas, estimated a 70% chance of spot Ethereum ETFs being approved by May, aligning with the more optimistic outlook.

A Good Sign for spot Ethereum ETFs?

The optimistic outlook for spot Ethereum ETFs is influenced by the SEC’s recent decision to approve spot Bitcoin ETFs earlier this month, following nearly a decade of deliberation. This decision had a significant impact on Bitcoin’s price, driving it to surpass $49,000. However, some analysts considered this a “sell-the-news” event, as Bitcoin’s price eventually dropped below $40,000.

Furthermore, a notable sell-off of Grayscale Bitcoin Trust (GBTC) shares by the bankrupt crypto exchange FTX contributed to a notable downturn in the market. Presently, Bitcoin appears to be in a recovery phase, with its price trading at over $43,000.

Despite the market’s ups and downs, many analysts remain optimistic about the prospects of spot Ethereum ETFs. As Matthew McDermott, the Head of Digital Assets at Goldman Sachs, mentioned in a recent CNBC interview, “Seeing big regulated institutions having the ability to issue Bitcoin ETFs is a very powerful statement for the market.” This sentiment reflects the belief that the approval of such ETFs could have a positive impact on the cryptocurrency market.

Related Posts

Leave a Reply

Confirm now and stay with our news

What we write about

I want to save money. Will cryptocurrency work?

Cryptocurrency is essentially virtual money that operates in a decentralized manner, not through a bank but directly on multiple independent computers.

Every cryptocurrency has two main components: the units of digital exchange called “coins” and the network within which the exchange takes place. These units can be transferred between wallets and exchanged on exchanges. The networks in which these coins exist are called blockchains, which translates to “chains of blocks.”

Latest Articles

Coinbase Unveils Two New Wallet Solutions Aimed at Easing Crypto Onboarding
01.03.2024By
Worldcoin Developer Acquires Solana-Based Digital Wallet Ottr
01.03.2024By
Web3 Lost Over $200 Million to Hackers in Two Months of 2024, More to Come – Immunefi
01.03.2024By

Latest news

Coinbase Unveils Two New Wallet Solutions Aimed at Easing Crypto Onboarding
01.03.2024
Worldcoin Developer Acquires Solana-Based Digital Wallet Ottr
01.03.2024
Web3 Lost Over $200 Million to Hackers in Two Months of 2024, More to Come – Immunefi
01.03.2024
Musée d’Orsay Breaks New Ground with On-Chain Exhibition and NFT Auction
01.03.2024
Crypto Lender Ledn Now Offers ETH-Backed Loans to Meet Growing Demand
01.03.2024
BlackRock to Launch Brazil’s First Bitcoin ETF on March 1
01.03.2024
Traditional Banking Titans Bank of America and Wells Fargo Look to Offer Bitcoin ETF Access
01.03.2024
Telegram to Launch Advertising Platform Using TON Blockchain
29.02.2024
3 Crypto Experts Predict This New Coin Might 50x In March
29.02.2024
Expert Take: Rising DeFi TVL is Silencing the Doubters
29.02.2024