SEC’s Silence Raises Doubts on Spot Ethereum ETF Approval
The chances of a spot Ethereum ETF being approved by the U.S. Securities and Exchange Commission (SEC) in May have significantly decreased, according to Bloomberg ETF expert Eric Balchunas. The optimism surrounding the approval has dropped from 60-70% to just 30%. The market is growing increasingly concerned as the SEC has remained silent and shown no engagement with the Ethereum ETF applications, leaving investors unsure of its decision.
Earlier, Fox Business journalist Eleanor Terret reported that there is now less hope for the approval of spot Ethereum ETFs before May 23rd.
It has been revealed that issuers and custodians have been pressuring the SEC staff to expedite the process during recent meetings. However, unlike the handling of spot Bitcoin ETF applications, it seems that the SEC staff has not been receptive or actively involved in substantive discussions.
Ethereum Price Outlook
Despite occasional price declines, economists remain confident that the Ethereum market will continue to thrive and potentially accelerate. Analysts predict that Ethereum prices could rise by at least 25%, reaching $5,000. However, it remains to be seen how market dynamics will play out following the Dencun Upgrade.
As of now, ETH prices are at $4,043.73, reflecting a 3% increase compared to the previous day. The 24-hour trading volume for Ethereum stands at $28.1 billion, indicating an almost 98% surge. It will be crucial to monitor how the market and prices react to speculations leading up to the decision on spot Ethereum ETFs.
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