As a seasoned crypto investor with a keen interest in market trends and the potential of Ethereum (ETH), I’m thrilled about the recent surge in its price. The news of Ethereum potentially surpassing the $4,000 mark before the launch of spot ETFs is an encouraging sign for me, considering the strong bullish sentiment among investors.
On Monday, the cost of Ethereum rose to an astounding $3,900 due to investor enthusiasm and optimistic expectations.
As a crypto investor, I believe Ethereum (ETH) is set to break through the $4,000 barrier before the debut of spot Ethereum exchange-traded funds (ETFs). The market’s current state indicates a significant “underallocation” to Ethereum, according to Arthur Cheong, founder of DeFiance Capital.
4.5k before spot ETF go live for trading imo.
— Arthur (@Arthur_0x) May 26, 2024
As a researcher studying the cryptocurrency market, I came across an intriguing post on social media platform X from a user named Cheong on May 26. In this post, Cheong expressed his belief that Ethereum, the second-largest digital currency by market value, could potentially reach $4,500 before the much-anticipated ETF (Exchange Traded Fund) launch. To support his claim, Cheong referenced a poll that showed approximately half of the respondents had allocated no more than a quarter of their investment portfolios to Ethereum. This data suggested to me that there might be an underestimation of Ethereum’s potential in the market.
As a researcher studying the financial markets, I can tell you that on May 23rd, the U.S. Securities and Exchange Commission (SEC) gave its approval for several Ethereum spot exchange-traded funds (ETFs). This decision came after a string of postponements. The expectation among investors is now that traditional financial institutions will pour fresh capital into Ethereum, much like they did with the spot Bitcoin ETFs which helped Bitcoin reach an all-time high of $73,750 in March.
Although ETF sponsors need the Securities and Exchange Commission (SEC) to endorse their registration statements, which provide investor information, unlike exchange submissions, there isn’t a definitive schedule for SEC approval. Consequently, the start date for ETF trading remains uncertain.
A Reuters insider, who is privy to the situation, hinted that the Ethereum ETF approval process could last anywhere from a few days to several weeks, without disclosing further information. In an interview with CNBC, Jay Clayton, the previous SEC Chairman, expressed his belief that the commencement of spot Ethereum ETF trading is not a question of if, but when. He labeled it as “inevitable,” yet acknowledged that there are still some outstanding concerns that need to be addressed. As of now, Ethereum is priced at $3,910 based on CoinGecko’s latest data.
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2024-05-27 10:26