Ethereum ETF Approval Odds Plummet: '35% Isn't 0%, Still Possible'
Portfolio Pulse from Murtuza Merchant
The likelihood of an Ethereum ETF being approved by the SEC before a May deadline has significantly decreased, according to Bloomberg analysts Eric Balchunas and James Seyffart. Balchunas now estimates the chances at 35%, a sharp decline from previous optimistic projections. The analysts and Jake Chervinsky, Chief Legal Officer at Variant Fund, cite the absence of positive indicators, the SEC's general stance on cryptocurrency, and political pressures as reasons for their skepticism. Despite the reduced odds, there remains a possibility of approval, albeit slim.
March 11, 2024 | 6:33 pm
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The reduced likelihood of an Ethereum ETF approval by the SEC could negatively impact Ethereum's price in the short term due to decreased investor optimism.
The article indicates a significant reduction in the likelihood of an Ethereum ETF being approved by the SEC, which was previously a positive catalyst for Ethereum's price. The analysts' skepticism, based on the absence of positive indicators and the SEC's general stance on cryptocurrency, suggests a dampening effect on investor sentiment. This could lead to a decrease in Ethereum's price in the short term as the market adjusts to the lowered expectations for an ETF approval.
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IMPORTANCE 90
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