As ETH recovers, skepticism over approval of an Ethereum spot ETF persists.
Ethereum Spot Exchange Traded Fund (ETF) Approval odds continue to witness notable pessimism as the cryptocurrency market awaits the U.S. Securities and Exchange Commission’s (SEC) decision on the product, scheduled for May.
The anticipation surrounding the SEC’s decision highlights how important ETF approval is in terms of providing more convenient access to the Ethereum spot market for existing investors. today, data According to a survey by Polymarket, the world’s largest prediction market, the probability of ETH ETF approval has fallen to just 11%.
Pessimism deepens as Ethereum ETF remains uncertain
As the May deadline approaches, doubt and skepticism are growing, casting a dark shadow over the product. One of the most recently published figures voice One person who has reservations about the SEC’s willingness to approve exchange-traded products this May is Nate Geraci, president of the ETF Store.
According to Geraci, regulatory watchdogs are strangely silent. Ethereum Spot ETF. He also suggested that the product may not be approved because the SEC’s level of engagement with ETF issuers is significantly lower than in previous interactions.
“Logic says it’s right, but I wonder if the SEC has learned its lesson from its clown show with spot Bitcoin ETFs,” he added. He therefore pointed to two possible options for the product: committee approval or litigation.
In response to the president’s insight, an anonymous Geraci believes it could be possible and drew attention to a review by Van Eck CEO Jan Van Eck.
What’s worth noting is van eck It is one of the first companies to submit an application for an Ethereum exchange product. Despite the company being the first to submit its application, Jan Van Eck said he was pessimistic about the ETP being approved and would probably be rejected in May.
He said:
The way the legal process works is that the regulator will provide an opinion on your application. This happened in the weeks leading up to the launch of the Bitcoin ETF. And now the pin is dropping when it comes to Ethereum.
Accordingly, investors are preparing for unpredictable outcomes by managing market volatility and revising investment plans in the face of changing regulations.
ETH price shows positive movement
While the Ethereum ETF is experiencing negative sentiment, ETH has recently seen positive gains. ETH fell as low as $2,888 over the weekend before revisiting the $3,000 level.
Currently, the price of ETH has risen by more than 4% to around $3,234, indicating the possibility of further price recovery. At the time of writing, Ethereum is trading at $3,215, up 1.40% over the past day.
Additionally, the asset’s market capitalization and trading volume increased by 1.40% and 5.96% over the last 24 hours. Taking recent expected impacts into account: Bitcoin halving is over In cryptocurrencies, ETH may be poised to make notable moves in the coming months.
Featured image from iStock, chart from Tradingview.com
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