Crypto analyst Michael van de Poppe has casted doubt on the prospects of an Exchange-Traded Fund (ETF) approval for Ethereum (ETH), while emphasizing the strength of the Ethereum ecosystem.
Van de Poppe shared his views on the possibility of an Ethereum ETF approval on social media. He expressed his belief that the chances of approval are low, despite the potential for a surge in Ethereum’s value. He also underlined the robust nature of the Ethereum ecosystem.
The potential for an Ethereum ETF has been a subject of much discussion in the crypto community. However, the ongoing scrutiny of Ethereum ETF proposals by the Securities and Exchange Commission (SEC) has raised doubts about the possibility of approval by the May deadline. As a result, market expectations have diminished, with a prediction market assigning only a 16% chance of approval by May 31.
Despite the uncertainty, investment bank Standard Chartered remains optimistic about the future of digital assets. The bank anticipates a market rebound, even if the approval is delayed. In Hong Kong, Bitcoin and Ethereum ETFs are projected to accumulate $1 billion in assets within the next two years, despite China’s ban on the underlying assets, indicating a strong global interest in cryptocurrency ETFs.
However, not all analysts share this optimism. A seasoned Bitcoin trader recently expressed a pessimistic outlook for Ethereum, suggesting that the “ETH story is dying.”
As of the moment, Bitcoin is trading at $64,535, marking a 0.44% increase over the past 24 hours and a 46.10% surge year-to-date. Ethereum, on the other hand, is trading at $3,170, with a 0.98% rise in the last 24 hours and a 34.74% increase year-to-date.
