SEC’s Spot Ether ETF decision is pending and holds more room for surprises and profits, especially for Ethereum investors.
The Securities and Exchange Commission (SEC) pending decision on Spot Ether ETF generated mixed opinions on the potential, benefits, and flaws to investors. The agency has recently postponed its decision on Ether ETF; the final decision is scheduled for July 5.
Coinbase research analyst David Han believes that if the ETF is approved, it will benefit all Ethereum (ETH) investors.
What Does The SEC’s Pending Decision On Spot Ether ETF Indicate?
After the Spot Bitcoin ETF approval in January 2024, the crypto community is heading toward the SEC for the upcoming Spot Ether ETF approval. The agency has postponed its decision, scheduled for July 5.
Matthew Hyland, a crypto and stock market analyst, took X to make ETH investors and crypto enthusiasts aware of the benefits of Spot Ether ETF approval by the SEC.
If 90% of people think the #ETH ETF will be denied, and majority of those people think it will lead to a crypto crash then who will actually be selling?
— Matthew Hyland (@MatthewHyland_) May 17, 2024
ETF Denial priced in for #Crypto
If by some chance the SEC decides to approve then so many will be caught severely offsides
According to Hyland, 90% of individuals think that Ether ETF will be denied, resulting in a crypto crash. However, if approved, it will benefit the Ethereum investors. Like Bitcoin (BTC) ETF, Ether ETF will allow investors to access the cryptocurrencies without digital assets directly.
At the time of writing, ETH was trading at $3,117.09, after a spike of 2.85% in a day with a market cap of $374,529,516,437 and $12,594,325,886 in 24-hour volume.
What Does Polymarket Say About Spot Ether ETF Approval?
The Spot Ether ETF is a hot topic nowadays, and investors and applicants eagerly await the SEC’s final decision. According to Hyland, 90% believe the SEC would deny the ETF.
Ethereum ETF approval Prediction I Source: Polymarket
Ploymarket’s prediction data showcases that only 10% of the community members are positive on Spot Ether ETF. As per the data, 10% of the community members think that the SEC will approve Spot Ether ETF by May 31.
SEC To Declare Ethereum A Security
The agency is currently planning to declare Ethereum as security despite its expected rejections of several Spot Ether ETF applications. This action indicates ETH’s standing as a commodity that holds far broader technological applications relating to the Ethereum blockchain.
Furthermore, the SEC is about to decide on VanEck’s application on May 23, following ARK Invest/21Shares, BlackRock, Grayscale, and Fidelity’s applications.
