April 24, 2024 9:59 PM | 2 minute read |
michael van de poppeThe prominent cryptocurrency analyst expressed doubts about the prospects for approval by exchange-traded funds (ETFs). Ethereum (Crypto: ETH). Additionally, he emphasized the resilience of the Ethereum ecosystem.
what happened: Van de Poppe shared his thoughts on the possible approval of the Ethereum ETF on social media platform X. He suggested that approval is unlikely despite Ethereum’s upward trend in value. He also emphasized the strength of the Ethereum ecosystem.
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“I think people underestimate the strength of the Ethereum ecosystem,” he wrote.
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why is it important: The potential of an Ethereum ETF has become a hot topic in the crypto world. The SEC’s continued scrutiny of Ethereum ETF proposals has cast doubt on the May approval deadline. This has lowered market expectations for ETF approval, with prediction markets showing only a 16% chance of approval by May 31st.
Notably, the SEC issued historic approval for the Bitcoin (CRYPTO:BTC) ETF on January 10, 2024, propelling Wall Street into the crypto era.
Despite the uncertainty, investment banks standard chartered We remain optimistic about the future of digital assets. The bank believes the market is poised to recover even if approvals are delayed.
Meanwhile, Hong Kong’s Bitcoin and Ethereum ETF is projected to accumulate $1 billion in assets within the next two years, despite China’s ban on the underlying assets. This suggests that there is strong global interest in crypto ETFs.
However, not everyone is optimistic about Ethereum’s future. An experienced Bitcoin trader and supporter recently declared a pessimistic outlook on Ethereum, suggesting that “ETH’s story is coming to an end.”
price action: based on data From Benzinga Pro, Bitcoin is currently trading at $64,535, up 0.44% in the past 24 hours and up 46.10% year-to-date. Meanwhile, Ethereum is trading at $3,170, up 0.98% in the past 24 hours and 34.74% since the beginning of the year.
Image via Shutterstock
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