#热门事件
#以太坊ETF批准预期
Both Ethereum and Bitcoin are giants in the cryptocurrency market, and tracking their relative strength through the ETH/BTC ratio can provide key market insights. Recently, traders have speculated that the United States will approve a spot Ethereum ETF, which has brought significant volatility to the prices of ETH and BTC. From April to May, the ratio experienced a lot of fluctuations, but it was the sharp spike in mid-May that really caught everyone's attention. The near-vertical climb of the ratio is a sign of big things. Analysts have now adjusted the odds of ETH ETF approval to a staggering 75%
Hong Kong’s Securities and Futures Commission (SFC) is considering allowing Ethereum ETFs in its jurisdiction to collateralize their tokens, a stance that differs markedly from that of U.S. regulators.
Staking is when participants lock up digital assets to support network security and operations in exchange for a return. Introducing it into an ETF will explore the income-generating potential of staking within the framework of a regulated financial product.
Market observers noted that the move is in line with the progressive approach taken by the Hong Kong Securities and Futures Commission following its recent approval of spot Ethereum ETFs and Bitcoin products.
Additionally, the staking feature could attract more investors to Hong Kong’s Ethereum ETFs, which have been facing sluggish trading volumes since their launch. According to SosoValue, as of May 22, the total amount of ETH in these funds was 13,380, while the total amount of BTC was 3,690.
Pledge in the United States
While Hong Kong regulators are considering taking a more favorable stance on staking, the U.S. Securities and Exchange Commission (SEC) has argued that the mechanism could fall under federal securities laws.
Over the past year, the SEC has taken legal action against major cryptocurrency companies such as Kraken and Coinbase, claiming that their collateral products violated federal securities laws. However, cryptocurrency stakeholders strongly oppose this classification.
Against this backdrop and regulatory uncertainty, several Ethereum ETF applicants, including Fidelity, BlackRock, Grayscale, Bitwise, VanEck, Franklin Templeton, Invesco Galaxy, and ARK 21Shares, have excluded staking from their fund plans.
The development prompted some market participants to argue that without staking, the funds could become less attractive to investors.
The SEC is expected to announce its decision on the pending Ethereum ETF application today, May 23. This week, market consensus turned positive after Bloomberg analyst Eric Balchunas raised the odds of approval to 75%, citing growing political pressure surrounding the financial regulator.
Notably, Polymarket’s odds of approval also surged from a low of 10% to 65%.
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