Standard Chartered Bank expects the US SEC to approve Ethereum spot ETF this week and reiterates its year-end target price of $8,000
Standard Chartered Bank expects the U.S. Securities and Exchange Commission (SEC) to approve an Ethereum spot ETF this week. Geoff Kendrick, head of foreign exchange research and digital asset research at Standard Chartered Bank, said that the Ethereum spot ETF is expected to drive an inflow of 2.39 to 9.15 million Ethereum in the first 12 months after approval. In US dollars, it is approximately equivalent to US$15 billion to US$45 billion. Kendrick reiterated that the year-end target price of Ethereum is US$8,000 and the price of Ethereum will reach US$14,000 by the end of 2025. The deadline for the first round of Ethereum spot ETFs is approaching, with VanEck's deadline on May 23 and Ark Invest/21 Shares' deadline on May 24.
The U.S. Securities and Exchange Commission (SEC) asked Nasdaq and CBOE to revise their applications for spot Ethereum ETFs on Monday
Sources: The U.S. Securities and Exchange Commission (SEC) asked Nasdaq and the Chicago Board Options Exchange on Monday to revise their spot Ethereum ETF applications, indicating that the regulator may be ready to approve the applications.
Fidelity Submits Updated S-1 Application for Ethereum Spot ETF
According to information disclosed on the official website of the U.S. Securities and Exchange Commission (SEC), Fidelity submitted an updated version of its S-1 application for the spot Ethereum ETF, indicating that the trust fund's Ethereum will not be pledged.
Why do you think an Ethereum ETF is about to be approved?
Bloomberg’s ETF analyst suddenly and unexpectedly raised the odds of a spot Ethereum ETF approval from 25% to 75%!
Key points:
Reversal of Decision: Bloomberg ETF senior analyst Eric Balchunas claims that the SEC suddenly reversed its decision to reject the spot ETH ETF, leaving issuers scrambling to complete their applications before the first final decision deadline on May 23.
Political Motivations: While the Biden administration has taken an aggressive anti-cryptocurrency policy stance in recent weeks, Balchunas pointed to the growing politicization of cryptocurrency as a driving factor behind this sudden shift.
Market shock: Sentiment was decidedly negative on the chances of an Ethereum spot ETF getting approved — with Polymarket’s market implied odds showing just an 11% chance of approval this morning — but now that probability is above 50% for the first time since January as the ETH/BTC ratio rebounds strongly.
Some people believe that:
Although Balchunas said political pressure forced the SEC to yield to its denial stance, approval of an Ethereum ETF appears inevitable within a few months.
ETF experts have previously hailed the lack of meaningful communication between the SEC and proposed issuers as a red flag indicating denial, but when the regulator approved an Ethereum ETF product based on commodity futures last October, the decision to approve a spot product may have already been made, solidifying Ethereum’s status as a non-security.
As experts are once again confident about approval, crypto market participants agree that an Ethereum ETF is likely to be approved this Thursday.
El Salvador's Bitcoin holdings exceed $400 million
According to Bitcoin Magazine, El Salvador's Bitcoin holdings exceeded $400 million, with profits of $81 million.
