As a researcher with experience in the financial markets and digital assets, I find Standard Chartered’s prediction regarding the approval of spot Ether exchange-traded funds (ETFs) in the U.S. and its potential impact on Ether’s price intriguing. The bank’s confidence in the imminent approval of these ETFs is based on key deadlines for applications from VanEck and Ark 21 Shares, and it estimates that they could attract significant investment, potentially bringing in millions of ETH and translating to billions of dollars in U.S. dollars.
Expert: Based on recent announcements, it is anticipated that the U.S. Securancies and Exchange Commission (SEC) will give its approval for the listing of Ether spot exchange-traded funds (ETFs) in the American market this week. Simultaneously, Standard Chartered reaffirmed its prediction of a $8,000 valuation for Ethereum.
According to reports from The Block, the Head of FX Research and Digital Assets Research at the bank expressed confidence that both VanEck and Ark 21 Shares’ spot Ether ETF applications, with approaching deadlines on May 23rd and May 24th respectively, have a high probability of being approved by the bank, estimated to be around 80% to 90%.
As an analyst, I believe the implications of these new Ether Exchange-Traded Funds (ETFs) could be quite substantial. Based on Standard Chartered’s analysis, we might witness substantial investments flowing into these funds in the first year. The estimated range for this inflow is between 2.39 million to 9.15 million ETH, which translates roughly to $15 billion to $45 billion in U.S. dollars. I find these projections quite promising, as they align with expectations for investments into the recently approved spot Bitcoin ETFs.
The bank’s evaluation indicates that Ether’s price may continue to escalate rapidly this year and hold a 5.4% relationship with Bitcoin, implying an estimated price tag of $8,000 for Ether by the year-end if Bitcoin achieves its predicted $150,000 value.
This year, the bank announced its anticipation of securing approvals for Ether ETFs by May 23rd. However, due to prior speculation of disapproval, the bank acknowledged potential delays in the process as already factored into the market.
Standard Chartered anticipates this development following a significant surge in cryptocurrency values, particularly Ether, due to the SEC’s recent request for revised applications from exchanges planning to launch and trade Ethereum spot ETFs in the United States. This action stirs up optimism among market observers that the regulatory body may soon give its approval.
Prior to initiating any Ether spot ETF trades, the ETF issuers require approval from the Securities and Exchange Commission (SEC) on their S-1 registration statements. The SEC does not have a predetermined timeline for evaluating these applications.
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2024-05-22 01:25