Is the ETF of $ETH coming?
Let's talk about a few important facts about ETH ETF:
The US SEC asked Nasdaq and Chicago Stock Exchange to update the 19b-4 filing documents for Ethereum spot ETFs on Monday. The 19b-4 filing document is a form used to inform the SEC of rule changes that allow funds to be traded on exchanges. It directly triggered a 20% surge in ETH in a single day.
This suggests that the SEC may approve these applications before the key deadline of Thursday, May 23, but this does not mean that the ETF will be approved. Before being approved, potential issuers also need to obtain S-1 application approval before the product begins trading. A person familiar with the matter said that the SEC may take an indefinite time to approve the S-1 document because it has no deadline.
It is currently known that seven entities are applying for Ethereum spot ETFs, namely: BlackRock, Fidelity, Invesco & Galaxy, Grayscale, VanEck, 21Shares & Ark and Hashdex. Among them, VanEck is the first institution to apply for Ethereum spot ETF, and the SEC will make a final decision on its application before May 23. The result of this application will directly affect the resolution of other applications.
● Then the approval result: Failure
It will inevitably lead to a sharp drop in the Ethereum system, which will in turn trigger a decline in the market.
● Approval result: Approval
Looking carefully at the table, Grayscale's ETH spot ETF application is also included. If the SEC approves it, it is likely that all ETH spot ETFs will be approved. Grayscale holds about 3 million ETH, worth $11 billion, and currently has a premium of -13.4%. Did you find that you have seen this script? Yes, this part of ETH that has been locked for a long time is likely to be sold in a hurry to cash out like the BTC ETF in January. On January 8, Bitcoin rose 7% because it passed the expectation. On January 11, Bitcoin ETF was officially approved, but due to Grayscale's continuous selling for many days, Bitcoin fell back from 48,000 to around 40,000.
To sum up, I think whether the Ethereum ETF is passed on the 23rd or not, it will lead to a decline in ETH. It's just that the duration and intensity are different. Before the announcement on the 23rd will be the best time to hype and sell at high prices!
So, how do you think the script will go? Welcome to leave your opinion!
