The crypto community is abuzz with anticipation as the Securities and Exchange Commission (SEC) is poised to replicate its bitcoin ETF approval strategy for Ethereum (ETH) ETFs. According to insights from Standard Chartered Bank, we’re likely to see a green light for these ETFs by May 23.
Geoffrey Kendrick, head of the bank’s forex and digital assets research, predicts a bright future for ETH. Drawing parallels with the BTC ETF journey, Kendrick suggests ETH could skyrocket to $4,000 by the approval date. This optimism is bolstered by the SEC’s historical stance on ether and its regulated futures contract status on the Chicago Mercantile Exchange.
With Grayscale’s ETH trust eyeing an ETF transition, the crypto world is eager to see how the SEC’s decision unfolds. Kendrick remains bullish on crypto, particularly in price trends, foreseeing a potential rise in bitcoin to $100,000 by year-end and $200,000 by 2025.
Although bitcoin experienced a dip post-ETF approvals, mainly due to outflows from Grayscale Bitcoin Trust (GBTC), it’s now making a strong comeback, trading around $43,540. Ethereum, on the other hand, is expected to be less vulnerable to post-approval sell-offs, thanks to factors like the smaller market cap share of the Grayscale Ethereum Trust compared to GBTC pre-BTC ETF approval.
As for Ethereum’s ETFs, May 23 could mark the approval of simple ETFs mirroring ether’s price movements, with staking yield ETFs potentially following suit. Kendrick also highlights Ethereum’s upcoming upgrade, which he believes will positively impact ETH prices.
The crypto market is on the edge of its seat, with experts weighing in on both sides of the fence about the potential approval of a spot ether ETF. As we step closer to this key date, the crypto sphere remains a hotbed of excitement and speculation.
