Yesterday (23), the SEC announced that it would delay the decision on the Ethereum spot ETF proposals submitted by two major investment management companies, BlackRock and Grayscale. Standard Chartered Bank also revised its previous prediction in its latest report, stating that the approval of the Ethereum spot ETF is unlikely.
(Bitcoin Halving Market Demand Increases Supply by 5 Times! Bitfinex Analyst: Miners’ Sell-off Slows Down, BTC Continues to Flow Out)
(Background Supplement: Standard Chartered Bank: BTC Expected to Reach $150,000 by the End of the Year, Stabilize at $200,000 Next Year, Reasons for Bullish Bitcoin?)
According to the latest report from Standard Chartered Bank’s investment department, the U.S. Securities and Exchange Commission (SEC) may reject the approval for an ETF that allows investors to trade Ethereum spot.
It is worth noting that this statement contradicts Standard Chartered Bank’s previous optimistic prediction. The bank had forecasted that the SEC would approve the Ethereum spot ETF in May this year, but their stance has now reversed.
Standard Chartered Bank’s currency analyst, Geoff Kendrick, wrote in the report:
Standard Chartered: BTC to reach $150,000 by the end of the year, ETH to reach $8,000
However, despite the market being filled with unfavorable news, Standard Chartered Bank still believes that the negative factors of BTC and ETH are already reflected in the current trading prices. The bank reiterated its year-end price target of $150,000 for Bitcoin and predicted $8,000 for Ethereum.
As of the publication of the report, the trading prices of Bitcoin and Ethereum were $66,800 and $3,237, respectively, leaving approximately 225% and 250% growth potential.
Furthermore, regarding the phenomenon of reduced inflow of funds into Bitcoin spot ETFs, Standard Chartered analysts also expect that with more funds incorporating ETFs into their portfolios, “positive structural driving factors” will regain dominance and drive the next wave of buying.
Finally, regarding the significant volatility of Bitcoin on April 13 due to the geopolitical tension caused by Iran’s attack on Israel, Standard Chartered analysts also expressed optimism, as they believe that the market positioning is now clearer than before.
BlackRock and Grayscale’s Ethereum ETF Review Faces Obstacles
Also, on yesterday (23), the SEC announced that it would delay the decision on the Ethereum spot ETF proposals submitted by two major investment management companies, BlackRock and Grayscale.
According to the SEC’s notice, the review of Grayscale’s ETH Trust, which was originally set to expire on April 24, for conversion into a spot ETH trading product listed on the New York Stock Exchange Arca, has now been extended by 60 days, with the new deadline set for June 23. The SEC stated that more time is needed to consider the revised versions of these applications, especially the changes after the first amendment.
However, the SEC’s delay is largely in line with market expectations and has not caused significant volatility for ETH.
SEC’s notice on BlackRock’s amendment. Source: SEC
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