According to U.Today, as the second quarter of 2024 begins, Ethereum (ETH) investors are examining the cryptocurrency's historical performance for potential insights. Ethereum's price history shows a pattern of strong Q2 gains, with an average increase of 67.19%. In Q2 of 2017 and 2019, ETH experienced massive gains of 453% and 102.25%, respectively. This consistent positive trend has attracted investors who view Q2 as a period of opportunity for Ethereum, anticipating another season of robust returns.
However, the potential denial of a spot Ethereum ETF, which could cause significant price volatility, casts doubt on this optimistic outlook. An Ethereum ETF would offer a regulated investment platform for institutional and individual investors, increasing demand and driving up ETH prices. Several issuers, including VanEck and Fidelity, have sought approval to launch them. Bloomberg Intelligence analysts estimate there is only a 25% likelihood of approval. The Securities and Exchange Commission (SEC) previously postponed a decision on a spot exchange-traded fund but must make one by May 23, which is one of the applicants' final deadlines. On May 23, the SEC will decide whether to approve or refuse VanEck's application. If they reject the request, issuers who still want to be approved will have to refile applications or challenge the regulator's decision through litigation. Seven issuers are proposing to launch a spot Ethereum ETF fund: BlackRock, Fidelity, Invesco with Galaxy, Grayscale, VanEck, 21Shares with Ark, and Hashdex.