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- 1 Standard Chartered Bank stated that they have expected the SEC to approve spot Ethereum ETF on MAY 23.
- 2 The British bank believes the price of ETH would reach $4000 before the ETF approval.
- 3 The Head of the British Bank stated in the report that ETH ETF will follow in the footsteps of Bitcoin ETF and it might also reach a new high.
It is the Ethereum Spot ETF making a buzz in the market after the Bitcoin ETF. As per the Standard Chartered Bank report, the Securities and Exchange Commission is expected to approve the Ethereum ETF on May 23 and they will follow the same strategy they followed to approve the Bitcoin ETF.
According to Geoffrey Kendrick, the head of Standard Chartered Bank, all pending applications of ETH spot ETFs may be approved on MAY 23, which is the final deadline. Kendrick stated in their report that the spot ETH ETF will follow the path of Bitcoin ETF and the price of the Ethereum might reach the high of $4000 before approval.
The report suggests that the market is not optimistic enough about the chances of approval, but the bank thinks that the SEC has no valid basis to treat ETH differently from Bitcoin. It pointed out that ETH futures are also traded on the regulated Chicago Mercantile Exchange (CME) and that the SEC did not name ETH as one of the 67 cryptocurrencies that the agency considers to be securities.
At the time of Bitcoin ETF approval, the price surged by approximately 85% from the price of $25000 in mid-June to the high of $48,965.
The report also compares the BTC ETF with the ETH ETF approval and adds that Ethereum will face less correction as compared to the BTC. The reason is that the Grayscale Ethereum Fund (ETHE) has a smaller market share of Ether market capitalization than the Grayscale Bitcoin Fund (GBTC).
Ethereum Current Stats
At the time of writing, the Ethereum price is trading at the level of $2338.2 with a market capitalization of 281.07 Billion. The current circulating supply is 120.18 million as per the data trading view. The performance of the second-largest cryptocurrency by market value is also good as it gave a return of approx 50% over the last year. It grew by almost 27% in the previous 3 months. However, analysts are expecting a rally in the ETH price before the ETF approval and are bullish on it.
Ethereum ETFs offer investors a convenient way to gain exposure to Ethereum without having to deal with the hassle of buying or storing the cryptocurrency. Investors can buy and sell Ethereum ETFs on regulated exchanges, just like any other ETF, and benefit from the liquidity, transparency, and diversification that ETFs provide.
Disclaimer
This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
