The decision on the Spot Ethereum ETF application from BlackRock has been postponed by the US SEC until March 10, 2024The United States Securities and Exchange Commission (SEC) has delayed the decision on the spot Bitcoin ETF application from American multinational asset manager BlackRock.New Date for BlackRock’s Spot Ethereum ETF UnveiledThe BlackRock spot Ethereum ETF dubbed the iShares Ethereum Trust will not get a decision on whether it is approved or denied until March 10, 2024, according to a filing published by the markets regulator.BlackRock’s filing comes in the wake of the Bitcoin analogue of the product and the request for rule change was filed by the Nasdaq Global Select Market to list the shares of iShares Ethereum Trust on its platform. Per the regulator, the proposed rule change which was published for comment in the Federal Register has received no feedback from the public to date.The SEC noted that it needed additional time to deliberate on the application in order to make the right decision.“The Commission finds it appropriate to designate a longer period within which to take action on the proposed rule change so that it has sufficient time to consider the proposed rule change and the issues raised therein,” the SEC wrote in the filing adding that in pursuant to its extant statutes, it now “designates March 10, 2024, as the date by which the Commission shall either approve or disapprove, or institute proceedings to determine whether to disapprove, the proposed rule change.”This delay to BlackRock’s spot Ethereum ETF follows a related postponement of the application from rival Fidelity Investments. With the SEC liable for this postponement up to 240 days from the date of the first application, it is choosing to take its time appropriately.Prospects of ETH ETFsThe emergence of spot Bitcoin ETF has heightened the optimism and the debate on the prospects of spot Ethereum ETFs in the United States. At the moment, there are divergent views on whether the markets regulator will greenlight this product but Commissioner Hester Peirce has reiterated how the agency has learned from past mistakes and will likely take a different path with the numerous Ethereum applications.While no one can say for sure the products will be approved, proponents believe a precedent has been set and with BlackRock in the race, the chances of securing the approvals are generally higher.Beyond spot Ethereum ETFs, speculations continue to grow that an XRP spot ETF might also be on the horizon.#TrendingTopic #ETHETF #Osmy_CryptoT #ETH_Etf_Delay

It seems that Fidelity's Ethereum ETF is facing a delay as the U.S. Securities and Exchange Commission (SEC) has decided to extend the deadline for its decision until March 5th, 2024. This delay has introduced uncertainty about the future of the ETF.
The SEC has cited the need for more time to thoroughly review the rules and details associated with the Ethereum ETF application. The extension has sparked debates about the likelihood of the ETF being approved in March. Optimists point to the recent approval of several Bitcoin ETFs as a positive indication, while pessimists emphasize the SEC's historical reluctance amid a continually evolving regulatory landscape. Ongoing legal battles and potential regulatory changes add to the complexity of predicting the final outcome for the Ethereum ETF.
Indeed, the delay in Fidelity's Ethereum ETF decision has put it in a state of uncertainty, and investors are eagerly awaiting the SEC's decision on March 5th, 2024. The market sentiment is divided, with some investors optimistic about the potential approval, drawing parallels with the recent success of Bitcoin ETFs. On the other hand, others are cautious, considering the SEC's historical stance and the ever-changing regulatory landscape.
The comparison with Bitcoin ETFs is interesting, as the approval of Bitcoin ETFs did not necessarily lead to a sustained price increase. In fact, as mentioned in your note, the price of Bitcoin experienced a sell-off after the approval, possibly due to a "sell on the fact" reaction. This highlights the complexity of market dynamics and how events like ETF approvals can have varying impacts on asset prices.
The overall regulatory uncertainty surrounding both Ethereum and Bitcoin ETFs contributes to the wait-and-see approach among investors. The outcome of the SEC decision in March will likely have significant implications for the long-term price and adoption of Ethereum, similar to the impact seen in the Bitcoin market post-ETF approval.

Tokenization of real-world assets (RWA) is indeed emerging as a transformative force in the financial landscape. Here are some key points to highlight from your information:

1. Revolutionizing Illiquidity: Tokenization provides a solution to the traditionally illiquid nature of assets like real estate, art, and commodities. By breaking them down into digital tokens and storing them on a blockchain, these assets become easily tradable, bringing liquidity to otherwise less liquid markets.
2. Massive Potential: The potential for tokenizing real-world assets is enormous, given the vast market waiting to be tokenized and democratized. This opens up new opportunities for creating a revolutionary asset class that offers high liquidity and accessibility to a broader range of investors.
3. Industry Recognition: Notably, the CEO of BlackRock, one of the largest investment management firms globally, has expressed interest in the idea of connecting traditional and crypto assets. Viewing Bitcoin ETFs as a step toward digitalizing traditional finance suggests a growing recognition of the importance of blockchain and tokenization in reshaping the financial landscape.
4. Rapid Growth: The tokenized asset market has experienced significant growth, reaching from hundreds of millions to billions in just a year. This rapid expansion underscores the increasing adoption and acceptance of tokenization in the financial sector.
In summary, the rise of tokenized real-world assets represents a paradigm shift in how we perceive and trade traditionally illiquid assets. The interest from prominent figures in the financial industry and the rapid growth of the tokenized asset market signal the potential for continued development and integration of this innovative approach in the broader financial ecosystem.
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Amendments are slowing down SEC decisions for both BlackRock and Grayscale, despite experts indicating the agency’s limited involvement. The SEC will delay rulings on BlackRock and Grayscale’s spot Ethereum (ETH) exchange-traded fund (ETF) applications, each valued at $3,229.

The SEC announced delays in deciding on Grayscale’s application and in making amendments to BlackRock’s application just hours after postponing a decision on Franklin Templeton’s proposed spot Ethereum ETF.

SEC Extends Deadline for Grayscale’s ETH Trust Conversion
The Securities and Exchange Commission (SEC) was set to announce its decision regarding the conversion of Grayscale’s ETH Trust to a spot ETH exchange-traded product on NYSE Arca by April 24. However, this deadline has now been pushed back by 60 days to June 23.
In its notice on April 23, the SEC stated that it requires more time to evaluate the proposed rule change, especially after Grayscale’s filing of Amendment No. 1, which was published on April 2. Although the amendment strengthened Grayscale’s arguments, it did not substantially alter its proposal.
Additionally, the SEC is expected to reach a decision on the Franklin Templeton application by June 11.
On the same day, April 23, Grayscale filed an S-3 form for a Grayscale ETH Trust and an S-1 for a Grayscale ETH Mini Trust, indicating further developments in the cryptocurrency investment realm.

SEC notice of filing of BlackRock amendment. Source: sec.gov
Spot ETH ETF Applications Face Delays and Uncertainty
In November, BlackRock filed an S-1 application for a spot Ethereum (ETH) ETF. However, the decision on BlackRock’s application was postponed in March. Later that same month, the Securities and Exchange Commission (SEC) delayed decisions on Hashdex and ARK 21 spot ETH ETF applications by two months, now expected in late May.
On April 19, BlackRock submitted an amendment to its application. In response, the SEC issued a notice on April 23 outlining the changes introduced in the amendment, primarily focusing on the creation and redemption of shares. The notice also extends the comment period on the proposal for 21 days after its publication in the Federal Register. However, no new deadline for an SEC decision was specified.
Also Read:   Cardano Shows Signs of Rebounding to $80 and Beyond

Source: Eleanor Terrett
Observers suggest that the SEC’s apparent disengagement with spot ETH ETF applications may indicate a looming rejection.
In a separate development, Grayscale secured a victory over the SEC in August when an appeals court partially overturned the SEC’s rejection of its application to convert its over-the-counter Grayscale Bitcoin Trust (GBTC) into a listed Bitcoin (BTC) ETF.

Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
 

#EThereum #ETHETF #ETH #ETF #Blackrock

The cryptocurrency market is currently abuzz with excitement as renowned crypto analyst Pentoshi makes a bold prediction for #Ethereum (ETH), forecasting a potential rally that could propel its price to $3,400. The primary driver behind this optimistic outlook is the anticipated approval of spot-based Ethereum Exchange-Traded Funds (ETFs) in the upcoming year.
Several major players in the asset management sector, including Ark Invest and 21Shares, have submitted applications to the U.S. Securities and Exchange Commission (SEC) for the creation of spot-based Ethereum ETFs. If these applications receive approval, it could usher in a new era of institutional involvement and capital infusion into the Ethereum market.
Pentoshi, known for accurate predictions in the crypto world, has expressed their bullish sentiment regarding the potential Ethereum ETF approval. In an X post, Pentoshi mentioned that they had similarly forecasted a surge in the price of Bitcoin when it was trading in the range of $25,000 to $28,000. Drawing parallels, they anticipate a comparable scenario unfolding with Ethereum in 2024.
According to Pentoshi, game theory is the driving force behind this phenomenon. As the approval date approaches, Ethereum holders may become less inclined to sell their holdings, while others may be motivated to enter the market. This could create upward pressure on the price.
Pentoshi has outlined potential price scenarios, with figures of $2,700 and $3,400 as likely outcomes for Ethereum's price. This bold prediction has captured the attention of both seasoned traders and newcomers in the crypto space.
While the crypto community eagerly awaits the SEC's decision on Ethereum ETFs, it remains divided on the potential impact of these regulatory approvals. Some analysts and enthusiasts firmly believe that ETF approval will act as a powerful catalyst for Ethereum's price, unlocking fresh opportunities for institutional investment. They argue that the legitimacy and accessibility offered by ETFs will encourage traditional finance players to enter the crypto arena, thereby increasing demand and driving up prices.
However, not everyone shares this unbridled optimism. Skeptics caution that market reactions to ETF approvals can be unpredictable. They emphasize the importance of careful analysis and risk management, urging investors to remain cautious despite the hype surrounding Ethereum and its potential ETFs.
Cryptocurrency Market Witnesses Influx of Funds Across Digital Assets
The cryptocurrency market continues to demonstrate resilience and attractiveness to investors, with the latest financial report from CoinShares revealing a substantial influx of funds across various digital assets. As of Dec. 23, 2023, Bitcoin (BTC) stands out as the top gainer, reporting a weekly flow of $87.6 million, contributing to an impressive year-to-date (YTD) increase of $1.8 billion. This data signals a strong and sustained interest in a diversified range of cryptocurrencies beyond the market-leading digital currency.
Ethereum (ETH), the second-largest cryptocurrency by market capitalization, follows Bitcoin with a weekly inflow of $7.9 million. Solana (SOL) and Cardano (ADA) also reported positive inflows, with $6.0 million and $1.0 million, respectively. These figures emphasize the diversification of investor interest within the cryptocurrency space, showcasing a broader acceptance of various digital assets beyond Bitcoin.
Among prominent cryptocurrency fund providers, Grayscale Investments LLC maintained a steady position with no notable inflows or outflows during the reporting period. In contrast, CoinShares XBT witnessed a decrease in weekly flows by $9.8 million.
Leading Countries by Inflows
Geographically, Canada emerged as a frontrunner in terms of cryptocurrency fund inflows, recording a weekly influx of $25.8 million. This substantial investment has contributed significantly to Canada's year-to-date growth, which stands at an impressive $494 million. Germany and the United States also demonstrated strong performance, with weekly inflows of $41.6 million and $20.4 million, respectively. These numbers underline the continued growth and popularity of cryptocurrency investments in these regions.
It's worth noting that Sweden experienced a downturn, reporting a weekly outflow of $8.7 million. This highlights the dynamic nature of investor sentiment, as different regions respond differently to the cryptocurrency market's opportunities and challenges.
The widespread and diverse flow of funds across countries underscores the global nature of the cryptocurrency market. Investors from various regions are recognizing the potential and value of digital assets, contributing to the ongoing evolution and maturation of the cryptocurrency ecosystem.
As the cryptocurrency market continues to evolve, with Bitcoin leading the way and other digital assets gaining traction, investors and enthusiasts alike are eagerly monitoring these developments, poised for potential opportunities and challenges in the year ahead. The market's ability to attract significant funds and maintain investor interest reinforces its position as a dynamic and compelling asset class in the world of finance.
$ETH #ETH #ETHETF