SEC Approves US Exchange Application to List Ethereum ETF

Previously, the market was watching the US Securities and Exchange Commission (SEC) as the regulator was close to deciding whether to approve an Ethereum spot ETF.

SEC approval is pending given the deadlines for Ether spot ETF proposals by Vaneck and Ark Invest/21shares of May 23 and 24, 2024, respectively.

Quoting News.bitcoin.com, Friday (24/5/2024) Head of FX and Digital Asset Research at Standard Chartered, Geoff Kendrick, revised his estimates and is now 80% to 90% confident the SEC will approve an Ethereum spot ETF this week.

This latest prediction contrasts with his views in April 2024, when he expressed doubts about the SEC approving an Ethereum spot ETF for May 2024.

“Once approved, we estimate that the spot ETF will drive inflows of 2.39-9.15 million Ether in the first 12 months after approval. In US dollars, that equates to around USD 15 billion to USD 45 billion,” said Kendrick.

Kendrick also predicts Ether will maintain its price ratio of 5.4% to Bitcoin throughout 2024, potentially reaching USD 8,000 if BTC reaches USD 150,000 by the end of the year.

“Given that we now see Bitcoin reaching the USD 150,000 level by the end of 2024, this means a USD 8,000 level for Ether,” he explained.

Market expectations are also shaped by broader trends and regulatory developments.

The potential re-election of former President Donald Trump is considered positive for the crypto market in the US, with anticipated favorable regulatory conditions that could further drive cryptocurrency adoption and prices.

“We think that a second Trump administration will have a positive impact (on crypto) in general through a more supportive regulatory environment,” Kendrick said earlier this month.