The latest report from the Investment Department of Standard Chartered Bank stated that the U.S. Securities and Exchange Commission (SEC) may refuse to approve ETFs that allow investors to trade Ethereum spot.
It is worth noting that this statement is inconsistent with Standard Chartered’s previous optimistic forecast. The bank had optimistically predicted that the SEC would approve an Ethereum spot ETF in May this year, but now its stance has been reversed.
Geoff Kendrick, currency analyst at Standard Chartered Bank, wrote in a report:
Despite the gradual recovery of the market, recent inflows indicate that the approval of an Ethereum spot ETF is unlikely.
Although it was previously expected that the Ethereum spot ETF might be approved on May 23, this expectation has now been adjusted.
Standard Chartered: BTC reaches 150,000 by the end of the year, and ETH is worth $8,000
But despite the market being flooded with bad news, Standard Chartered Bank still believes that the negative factors for BTC and ETH have been basically reflected in the current trading prices. The bank reiterated its year-end price target for Bitcoin at $150,000 and for Ethereum at $8,000.
As of the time of the report, Bitcoin and Ethereum were trading at $66,800 and $3,237, respectively, so there is approximately 225% and 250% room for growth, respectively.
In addition, regarding the slowdown in the inflow of funds into Bitcoin spot ETFs, Standard Chartered analysts also predict that as ETFs are included in more funds’ investment portfolios, “positive structural drivers” will regain their dominance and drive the next wave of buying. .
Finally, regarding the phenomenon of Bitcoin facing violent fluctuations due to geopolitical tensions triggered by Iran's attack on Israel on April 13, a Standard Chartered analyst also expressed optimism because he believed that the market positioning is now clearer than before.
BlackRock and Grayscale’s Ethereum ETF review encounters another obstacle
In addition, just yesterday (23rd), the SEC announced that it would postpone its decision on the Ethereum spot ETF proposed by two major investment management companies, BlackRock and Grayscale.
According to the SEC’s notice, the consideration of converting Grayscale’s ETH Trust, which was originally set to expire on April 24, into a spot ETH trading product listed on the New York Stock Exchange Arca has been extended by 60 days, and a new deadline has been set. for June 23rd. The SEC noted that it would take longer to consider revised versions of these applications, particularly post-Amendment 1 changes.
However, the SEC's postponement was basically in line with market expectations, so it did not bring much fluctuation to ETH.
