ethereum Spot Exchange Traded Funds (ETFs) Approval odds continue to witness notable pessimism as the cryptocurrency space awaits the U.S. Securities and Exchange Commission's (SEC) decision on the products scheduled for May.
The hype surrounding the SEC's decision highlights how important the ETF's approval is in terms of providing mainstream investors with more convenient access to the ethereum spot market. Now,ethereum-etf-approved-by-may-31?tid=1713769332297″ target=”_blank” rel=”nofollow”> data from Polymarket, the world's largest prediction market, shows that the eth ETF approval odds have fallen to just 11%.
Pessimism deepens as ethereum ETFs remain uncertain
As the May deadline approaches, doubts and skepticism lurk on the horizon, casting a dark shadow for the products. One of the most recent figures x.com/NateGeraci/status/1781868343713988721″ target=”_blank” rel=”nofollow”>voice Nate Geraci, president of ETF Store, has doubts about the SEC's willingness to approve exchange-traded products in May.
According to Geraci, the regulatory watchdog is disturbingly silent on ethereum Spot ETF. He further suggested that the products might not be approved due to the SEC's significantly lower level of engagement with ETF issuers than in previous interactions.
“Logic says that's correct, but I also wonder if the SEC learned a lesson from the clown show with spot bitcoin ETFs,” he added. Thus, he has pointed out two possible options for the products, which are an approval or a demand by the Commission.
Commenting on the president's thoughts, a pseudonymous x user asked if there is a possibility that activities could be carried out behind closed doors to avoid disrupting the pre-launch market. Geraci responded by saying that he believes that could be possible, drawing attention to Van Eck CEO Jan Van Eck's review that he could prove otherwise.
It should be noted that Van Eck is one of the first companies to apply for an ethereum exchange product. Although the company was the first to apply, Jan Van Eck is pessimistic about the approval of the ETPs and says they will likely be rejected in May.
He stated:
The way the legal process plays out is that regulators will give you feedback on your application, and that happened for weeks and weeks before bitcoin ETFs. And right now, pins are falling as far as ethereum is concerned.
In light of this, investors are bracing for an unpredictable outcome as they manage market swings and modify their investment plans in the face of changing regulations.
eth Price Sees Positive Movement
While ethereum ETFs may be experiencing negative sentiment, eth, on the other hand, has witnessed a positive rally lately. eth has revisited the $3,000 level after falling as low as $2,888 over the weekend.
Today, eth price rose over 4%, reaching around $3,234, indicating potential for further price recovery. At the time of writing, ethereum was trading at $3,215, showing an increase of 1.40% in the last day.
Furthermore, the market capitalization and trading volume of the asset increased by 1.40% and 5.96% in the last 24 hours. Given the expected impact of the recent bitcoin halving concluded As for cryptocurrencies, eth could be poised for notable moves in the coming months.
Featured image from iStock, chart from Tradingview.com
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