Regarding whether the SEC will approve the Ethereum spot ETF next month, Scott Johnsson, a US financial lawyer, believes that it will be rejected next month and there is a high probability that there will be no approval this year. At the same time, the ETH/BTC ratio has fallen below 0.048, reaching a new low since May 2021.
(Background:
Hong Kong takes the lead in approving the Ethereum spot ETF, Bloomberg analyst: Don’t expect large funds, will it force the SEC to accelerate approval?
)
The approval of the Ethereum spot ETF before May 23rd (the final approval deadline for VanEck’s application) is the focus of attention in the crypto market. This week, the market’s expectation that Hong Kong has taken the lead in approving the Ethereum ETF may indirectly put pressure on the US Securities and Exchange Commission (SEC) and increase the probability and efficiency of their approval.
Scott Johnsson: It will be rejected next month, and there is a high probability that Ethereum ETF will not be approved this year.
However, US financial lawyer Scott Johnsson poured cold water on this today. He said:
When further questioned by netizens, “Do you think there is a high probability of rejecting the application for the Ethereum ETF next month, but approving it before the end of the year?” He responded without reservation:
Previously, Cathie Wood, the CEO of Ark Invest, also expressed caution about the approval of the Ethereum spot ETF. She believed that communication between the issuer and the SEC is a key indicator, but the SEC has not actively contacted the issuer yet. However, Ophelia Snyder, co-founder of 21Shares, who applied for the Ethereum spot ETF together with Ark Invest, is not so pessimistic. She stated that Grayscale’s legal victory over the SEC provides a case basis, and if rejected, the issuer can refer to that case to file a lawsuit. There is not much difference between the applications for Ether and Bitcoin, so the SEC does not have much to discuss with the issuer.
Further reading:
Difficult for Ethereum spot ETF to pass in May? Female stock god predicts the probability is decreasing, Consensys appeals to SEC for approval
ETH/BTC hits a new low since May 2021
Recently, both on-chain activity and price performance of Ethereum have been relatively weak compared to Bitcoin. The ETH/BTC ratio has been steadily declining since March 8th and has now fallen below 0.048, currently reported at 0.04781, reaching a new low since May 2021.
In addition, since April 11th, the transaction fees on the Bitcoin network have exceeded those of Ethereum (latest data is $6.74), and according to Etherscan data, the current Ethereum Gas is as low as 8 gwei. In recent days, the median Ethereum Gas is about 11 gwei, the lowest point in the past 6 months.
(Images)
Related Reports
Bloomberg analyst: Ethereum spot ETF will not pass in May! ETH briefly plummets to $3,150
Difficult for Ethereum spot ETF to pass in May? SEC’s attitude is negative, anti-crypto lawmakers intervene
Should we be prepared for the rejection of the Ethereum spot ETF? Three possible reasons for SEC’s rejection.