- James Seyffart believes the SEC will finally reject spot ETH ETFs by Might twenty third.
- Seyffart thinks the SEC hasn’t mentioned the specifics of Ethereum with issuers, not like Bitcoin ETFs.
- Eric Balchunas additionally thinks that ETH ETFs can be delayed however will finally occur in the long term.
James Seyffart, a famend ETF analyst, believes that the U.S. Safety and Change Fee (SEC) will finally reject Ethereum ETF spot purposes by Might 23, 2024. In a latest publish on X, Seyffart famous that his cautiously optimistic stance on ETH ETFs has just lately modified. Based on him, the SEC has not engaged with issuers concerning the specifics of Ethereum, which is the precise reverse situation of Bitcoin ETFs this fall.
Seyffart acknowledged his place after the SEC printed a notification Hashdex Ethereum ETF Utility Postponement March nineteenth. He believes the SEC will publish extra delays within the coming days. Based on him, VanEck, Ark/21Shares and Grayscale can be delayed within the subsequent 12 days.
In the meantime, the analyst famous that the delays usually are not a shock as he believes the one deadline that issues is Might 23. A place he all the time held from the beginning, as he identified in his earlier one publish since February 6 after the SEC delayed approval of ETH ETFs by Invesco and Galaxy.
The possibilities of an Ethereum ETF being permitted proceed to dwindle, with trade stakeholders displaying much less optimism for its replace. On March 11, chief ETF analyst for Bloomberg, Eric Balchunas, famous that the prospect of an ETH ETF being permitted had dropped to 35%. Based on him, the Ethereum ETF lacks the options that led to the approval of the Bitcoin ETF final January.
Regardless of the low stage of optimism, Balchunas thinks the SEC will solely delay the Ethereum ETF replace by not approving it on Might 23. Nonetheless, he stays optimistic that this may occur in the long run.
The value of ETH fell considerably on Tuesday after the SEC delayed approval of Hashdex’s ETF. The flagship altcoin fell greater than 10% on Tuesday, marking its largest one-day drop because the begin of 2024. ETH was buying and selling at $3,229 on the time of writing, in accordance with knowledge from TradingView.
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