Bittime - Crypto analyst Michaël van de Poppe predicts that approval of an Ethereum ETF by the SEC will be delayed until July or August. A rejection in the near future may have a negative impact on the market.
Michaël van de Poppe's Views on Ethereum ETF Approval
Popular cryptocurrency analyst and trader, Michaël van de Poppe, has voiced his opinion at odds with broader market sentiment regarding the possible approval of an Ethereum ETF (ETH/USD) by the SEC. According to Van de Poppe, the approval will likely be delayed until July or August, although the deadline for the first wave of applications is May 23, with the proposal from VanEck being the first.
Check Today's Crypto Market:
Van de Poppe believes that the chances of approval within 72 hours are very small and almost impossible to achieve. He added that the presence of ETH staking in many applications could be a factor in delaying approval. Van de Poppe stated, "If this is just a gamble, then it may indicate that we will get approval, but only later, and that will automatically lead to positive improvements down the line."
How to Buy Crypto:
Potential Impact of SEC Rejection
Van de Poppe revealed that the market would likely respond negatively if the SEC denied Ethereum ETF approval. However, the reasons behind the rejection will greatly determine the next market reaction. In his statement to Benzinga, Van de Poppe emphasized that if the resistance is simply due to staking issues, then this could be an indication that approval is coming, but it will take longer.
Also read: SEC Expected to Reject Spot Ethereum ETFs Again?
After Van de Poppe's comments, nearly five applicants amended their submissions to remove sections related to staking. This move suggests that concerns about ETH staking could be one of the main obstacles in the Ethereum ETF approval process.
Another Analyst's View on Ethereum ETF Approval
James Seyffart, an analyst from Bloomberg, gave a more optimistic view, keeping the odds of approval at 75%. According to Seyffart, while this move is not a confirmation of approval, it is important to note that VanEck's Ether ETF spot fund is already listed on the Depository Trust and Clearing Corporation website.
This registration is an important step in the process of recording investment vehicles and shows that the process is ongoing. However, as Van de Poppe noted, the possibility of delays remains, and markets should be prepared for uncertainty in the near term.
Check Crypto Prices Today:
Conclusion
Michaël van de Poppe's prediction of delaying Ethereum ETF approval until July or August suggests there are factors influencing the SEC's decision. Although the market may respond negatively to rejection in the near term, the reasons behind the rejection will largely determine the direction of the market's next move. Meanwhile, optimistic views from other analysts such as James Seyffart suggest that the chances of approval remain high. Thus, market players must remain alert and ready to face various possibilities that could affect the price of Ethereum and overall market dynamics.
How to Buy Crypto on Bittime
You can buy and sell crypto assets in an easy and safe way via Bittime. Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.
To be able to buy crypto assets on Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.
Monitor price chart movements of Bitcoin (BTC) , Ethereum (ETH) , Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
Also read:
Deferring Expectations: Will an Ethereum ETF Launch in December?
Invesco Galaxy Ethereum ETF Delayed Until July 5 by SEC
SEC Opens Public Comments on BlackRock Ethereum ETF, Is There Still Hope?
The Flame of Hope Remains Burning: Grayscale Confident Ethereum ETF will be SEC Approved
DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
Comments
0 comments
Please sign in to leave a comment.