Ethereum ETF Approval Odds Slashed To 35% By Bloomberg Analyst Eric Balchunas Amid Looming May Deadline
Portfolio Pulse from Mehab Qureshi
Bloomberg ETF analyst Eric Balchunas has reduced the likelihood of an Ethereum ETF being approved by the upcoming May deadline to 35%. Despite the reduction, Balchunas maintains a long-term positive outlook for its approval. This comes as Ethereum's price surpasses $4,000, amid anticipation of its network upgrade and potential SEC approval. Predictions on Polymarket show a 36% chance of approval, with a brief dip to 24%. Coinbase met with the SEC to discuss Grayscale's ETF proposal, aiming to transform its Grayscale Ethereum Trust into an ETF.
March 12, 2024 | 5:09 am
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NEUTRAL IMPACT
The reduced probability of an Ethereum ETF approval by May could temper short-term investor enthusiasm, potentially impacting Ethereum's price. However, the long-term positive outlook and Ethereum's recent price surge above $4,000 may mitigate any negative impact.
The reduction in approval odds could introduce short-term uncertainty among investors, potentially affecting Ethereum's price. However, the overall positive long-term outlook and recent price performance suggest a neutral to slightly positive impact in the short term.
CONFIDENCE 75
IMPORTANCE 70
RELEVANCE 80