Standard Chartered is now amongst the observers who are watching and hoping that the SEC will soon approve Ether ETFs.
Speculators, including Standard Chartered, have begun to anticipate that the United States Securities and Exchange Commission (SEC) will approve Ether ETFs this week. This is because the filing deadlines for the initial round of spot Ether ETFs—VanEck’s on May 23, Ark Invest and 21Shares on May 24, and 21Shares on May 24—are approaching rapidly.
Approval of Standard Chartered Confident of Spot Ether ETFs
Standard Chartered Bank’s Head of FX Research and Digital Assets Research, Geoff Kendrick, has conveyed a notable degree of assurance regarding the forthcoming authorization. Kendrick reported that the current level of optimism regarding the approval occurring this week ranges from 80% to 90%.
It is worth noting that Kendrick’s commentaries adhere to a recent SEC action. On Monday, the regulator requested 19b-4 filing revisions for spot Ether ETFs. This action was met with immediate jubilation, as numerous individuals perceived it as a significant stride towards possible endorsement.
Further intriguing is that the approvals had appeared grim, given that an investigation into Ether’s status as a potential security is ongoing. Additionally, certain fund managers asserted that the SEC was not interacting with them as frequently as they had hoped regarding spot Ether ETFs.
The SEC’s request on Monday may have increased the probabilities. An issuer’s high-ranking member was quoted in a report by The Block as saying:
“The issuers are being asked to update their 19-b4s. The updates are relatively light.”
The Route to $8,000 by the End of the Year for Ether
Amid the prevalent sense of optimism, Kendrick has underscored the potential market ramifications of these approvals. Within the first year, he anticipates spot ETFs to generate inflows of 2.39 to 9.15 million Ether (ETH), equivalent to $15 billion to $45 billion.
In a comprehensive analysis note, Kendrick emphasized that the authorization of Ether ETFs ought to enable it to match Bitcoin’s performance. In addition, given the present price ratio of 5.4% for 2024 and Standard Chartered’s forecast that Bitcoin will reach $150,000 by the end of the same year, Ether should increase to approximately $8,000 during the same period.
In addition, Kendrick reiterated the bank’s March prognosis that Bitcoin could reach $200,000 by the end of 2025. If accurate, Ether’s value could also increase to $14,000.
Although the ultimate determination is still pending, expert opinion and prevailing market momentum indicate that approval is imminent. This signifies the beginning of a new institutional investment and expansion era for Ether and the broader cryptocurrency market.
