The fact that an Ethereum ETF could be approved before May 23 (the final approval deadline for VanEck's application) is taking center stage in the crypto market. This week, as Hong Kong took the lead in adopting an Ethereum ETF before the US, the market expected that this could be a form of veiled support for an Ethereum ETF. The SEC is applying pressure to increase the chances and efficiency of approvals.
Scott Johnsson: It will be rejected next month, and there is a high chance that an Ethereum ETF will not be approved this year
However, American financial lawyer Scott Johnsson today poured cold water on Twitter when he said:
Within the next 60 days, the SEC will have to make important decisions. This will directly affect Ethereum, but could also indirectly affect the entire cryptocurrency space. This requires careful XEM , and I would not be surprised if the SEC makes an unnecessary mistake again.
Netizens continued to ask: "You think they might reject the Ethereum ETF application next month, but is there a higher chance of approval before the year ends?" He replied without hesitation:
I expect a rejection next month, and there is a high possibility that there won't be any approvals after that this year. I leave a little room for possible changes in the political situation, but for now, the chances of that happening are very slim.
Previously, Ark Investment CEO Cathie Wood also warned about Ethereum ETF approval. She believes that communication between issuers and the SEC is an important indicator, but currently the SEC is not actively communicating with issuers. However, Ophelia Snyder, co-founder of 21Shares, who applied for an Ethereum ETF with Ark Investment, is not so pessimistic. She said that Grayscale's legal victory against the SEC provides the basis for a lawsuit that the issuer can use if rejected, and that there is not much difference between the filing documents for Ethereum and Bitcoin, so the SEC doesn't have much to discuss. Continue to keep them in regular contact with the publisher.
ETH/ BTC ratio drops to lowest since May 2021
Recently, activity on the Ethereum chain and its price performance have slowed compared to Bitcoin. The ETH/ BTC ratio has been fluctuating and falling since March 8. It has now dropped below the 0.048 level and is currently at 0.04781, reaching its lowest since May 2021.
Additionally, as of April 11, the Bitcoin network's processing fees have surpassed Ethereum's processing fees (latest data is $6.74), and according to data from Etherscan, Ethereum Gas is currently at a low level. especially 8 gwei. Gas Ethereum's recent Medium price is around 11 gwei, which is the lowest in almost 6 months.
