Key Takeaways:
- SEC Approval Likely: Standard Chartered now predicts an 80%-90% chance that the SEC will approve spot Ether ETFs by May 24.
- Market Inflows Estimate: Potential inflows into spot Ether ETFs in the first year could reach $15 billion to $45 billion.
- Industry Shift: Bloomberg ETF analyst Eric Balchunas increased approval odds from 25% to 75%, reflecting a shift in market sentiment.
Standard Chartered — a financial giant managing over $800 billion in assets — anticipates the United States Securities and Exchange Commission (SEC) will approve spot Ether exchange-traded funds (ETFs) by May 24.
The initial deadlines for spot Ether ETFs are fast approaching.
Standard Chartered expects ether ETF approval this week, reiterates year-end target of $8,000 https://t.co/J4IGJUNTDH
— The Block (@TheBlock__) May 21, 2024
The final deadline for the VanEck ETF filing is May 23, followed by ARK Invest and 21Shares on May 24.
Just a month ago, Standard Chartered had expressed skepticism about the likelihood of a May approval for a spot Ether ETF.
However, the financial giant has now revised its outlook.
Geoff Kendrick, Standard Chartered’s head of FX and digital assets research, stated they are “80% to 90%” confident that the SEC will approve spot Ether ETFs later this week.
Kendrick projected that market inflows into the spot Ether ETFs in their first year could range between 2.39 and 9.15 million Ether, equivalent to approximately $15 billion to $45 billion.
Euphoria is sweeping through cryptocurrency markets amid growing optimism that regulators will approve Ether ETFs, marking a sharp reversal in sentiment. Analysts at Standard Chartered predict a surge in
— Holger Zschaepitz (@Schuldensuehner) May 21, 2024
Ether prices to $8,000 by the end of 2024 if an ETF is approved. pic.twitter.com/SydW6EM6xt
He noted that these estimates are comparable to those for spot Bitcoin ETFs.
Many market observers, who were previously certain that Ether ETF applications would be rejected, recently altered their views after the SEC requested that exchanges update their 19b-4 filings before the May deadline.
Bloomberg ETF analyst Eric Balchunas, who had previously lowered the approval odds to 25%, has now increased them to 75% as the final deadline approaches.
Fidelity has already filed an amended proposal in response to the SEC’s request, ensuring that the Ether in its ETF will not be staked.
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