Ethereum Spot ETFs Approval Skepticism Persists, As ETH Recovers
April 22 2024 - 11:00AM
NEWSBTC
Ethereum Spot Exchange-Traded Funds (ETFs) approval odds continue
to witness notable pessimism as the cryptocurrency space awaits the
United States Securities and Exchange Commission’s (SEC) decision
on the products scheduled for May. The expectation surrounding the
SEC’s decision highlights how important ETF approval is in terms of
giving conventional investors more convenient access to Ethereum’s
spot market. Presently, data from Polymarket, the world’s largest
prediction market, shows that ETH ETF approval odds have fallen to
a mere 11%. Pessimism Deepens As Ethereum ETFs Remain Uncertain As
the May deadline draws near, doubt and skepticism loom large on the
horizon, casting a dark shadow for the products. One of the most
recent figures to voice doubts about the SEC’s willingness to
approve the exchange-traded products this May is Nate Geraci, the
president of ETF Store. Related Reading: Cloudy Future For Ethereum
ETFs – What’s Casting Doubt On Their Fate? According to Geraci, the
regulatory watchdog is eerily silent on Ethereum spot ETFs. He
further suggested that the products might not be approved due to
the SEC’s significantly lower level of engagement with ETF issuers
than in previous interactions. “Logic says that is correct, but
also wonder if SEC learned a lesson from clown show with spot
Bitcoin ETFs,” he added. Thus, he has pointed out two possible
options for the products, which are either an approval or lawsuit
from the Commission. Commenting on the president’s insights, a
pseudonymous X user questioned if there is a possibility that
activities are taking place behind closed doors in order to avoid
disrupting the pre-launch market. Geraci responded, saying he
believes that could be possible, drawing attention to Van Eck CEO
Jan Van Eck’s review, which might prove otherwise. It is worth
noting that Van Eck is one of the earliest firms to submit its
application for an Ethereum exchange product. Even though the
company was the first to file for an application, Jan Van Eck is
pessimistic about the approval of the ETPs, saying they will
probably be rejected in May. He stated: The way the legal process
goes is the regulators will give you comments on your application,
and that happened for weeks and weeks before the Bitcoin ETFs. And
right now, pins are dropping as far as Ethereum is concerned. In
light of this, investors prepare for an unpredictable result while
managing market swings and modifying their investment plans in the
face of changing regulations. ETH Price Sees Positive Movement
While Ethereum ETFs might be experiencing negative sentiment, ETH,
on the other hand, has witnessed a positive uptick lately. ETH has
revisited the $3,000 level again after falling as low as $2,888
during the weekend. Related Reading: Ethereum Price Hints At
Potential Fresh Rally, Buy The Dip? Today, ETH price rose by over
4%, reaching around $3,234, indicating potential for further price
recovery. At the time of writing, Ethereum was trading at $3,215,
demonstrating an increase of 1.40% in the past day. Also, the
asset’s market cap and trading volume are up by 1.40% and 5.96% in
the last 24 hours. Given the anticipated impact of the recently
concluded Bitcoin Halving on cryptocurrencies, ETH could be poised
for noteworthy moves in the coming months. Featured image from
iStock, chart from Tradingview.com
Ethereum (COIN:ETHUSD)
Historical Stock Chart
From Sep 2024 to Oct 2024
Ethereum (COIN:ETHUSD)
Historical Stock Chart
From Oct 2023 to Oct 2024