On April 24, 2024 at 9:59 PM, crypto analyst Michaël van de Poppe shared his doubts about the potential approval of an Ethereum (CRYPTO: ETH) Exchange-Traded Fund (ETF). Despite this, he emphasized the strength of the Ethereum ecosystem.
According to Van de Poppe, the chances of an Ethereum ETF getting approved are slim, even though it could potentially lead to an increase in Ethereum’s value. He also highlighted the resilience of the Ethereum ecosystem.
The possibility of an Ethereum ETF has been a hot topic in the crypto world, with the SEC’s ongoing scrutiny of ETF proposals causing doubts about the May approval deadline. As a result, the market’s expectation of approval has decreased, with a prediction market giving only a 16% chance of approval by May 31.
In a historic move, the SEC approved a Bitcoin (CRYPTO: BTC) ETF on January 10, 2024, signaling Wall Street’s entrance into the crypto space.
Despite the uncertainty surrounding the ETF approval, investment bank Standard Chartered remains optimistic about the future of digital assets. The bank believes that the market is well-positioned for a rebound, even if the approval is delayed.
In contrast, not everyone shares this optimism for Ethereum’s future. A prominent Bitcoin trader and advocate recently expressed a pessimistic outlook for Ethereum, stating that the “ETH story is dying.”
Meanwhile, in Hong Kong, Bitcoin and Ethereum ETFs are projected to amass $1 billion in assets within the next two years, despite China’s ban on the underlying assets. This suggests a strong global interest in cryptocurrency ETFs.
In terms of price action, Bitcoin is currently trading at $64,535, a 0.44% increase in the past 24 hours and a 46.10% surge year-to-date. Ethereum is trading at $3,170, with a 0.98% increase in the past 24 hours and a 34.74% increase year-to-date.
The GPT-4-based Benzinga Neuro content generation system, powered by the extensive Benzinga Ecosystem, including native data and APIs, produced this story. Benzinga does not provide investment advice. © 2024 Benzinga.com. All rights reserved.
