- Standard Chartered expects SEC approval of Ethereum ETFs this week.
- The financial institution predicted inflows of $15-45 billion that might drive ETH worth to $8,000 by the top of 2024.
- Ether’s worth has surged 19% prior to now 24 hours, reflecting the optimism out there.
Standard Chartered expects the U.S. Securities and Exchange Commission (SEC) to approve Ethereum (ETH) ETFs this week.
If it occurs, it might herald a considerable inflow of capital into the ether market, with projections estimating inflows between $15 billion and $45 billion within the first 12 months post-approval.
The important ether ETFs proposal deadlines
The SEC is approaching important deadlines for a number of ether ETF proposals, with VanEck’s submission due on May 23 and Ark Invest/21Shares’ on May 24.
Geoff Kendrick, Head of FX Research and Digital Assets Research at Standard Chartered, said that the approval of spot ether ETFs might drive vital market exercise, with anticipated inflows starting from 2.39 million to 9.15 million ether.
Kendrick emphasised that these inflows, as a share of market capitalization, are corresponding to these seen with bitcoin ETFs, which have confirmed to be correct predictors of market behaviour.
Ethereum (ETH) worth forecasts
In mild of this, Standard Chartered has reiterated its formidable worth goal for Ethereum (ETH), forecasting it to succeed in $8,000 by the top of 2024. This projection relies on sustaining the present 5.4% worth ratio between ether and bitcoin, with bitcoin itself anticipated to hit $150,000 by year-end.
The financial institution’s outlook extends even additional, predicting that by the top of 2025, Ethereum (ETH) price might soar to $14,000, assuming Bitcoin reaches a staggering $200,000.
These optimistic targets underscore the potential affect that ETF approvals might have on the broader cryptocurrency market.
SEC requested updates to the 19b-4 spot Ethereum ETFs filings
The momentum in direction of approval gained extra help on Monday when the SEC requested updates to the 19b-4 filings for spot ether ETFs.
This transfer suggests progress, albeit with out guaranteeing approval. However, the chance of approval has been bolstered considerably.
As a results of the SEC’s transfer, Bloomberg ETF analysts James Seyffart and Eric Balchunas elevated their approval chance estimates from 25% to 75%.
Update: @JSeyff and I are rising our odds of spot Ether ETF approval to 75% (up from 25%), listening to chatter this afternoon that SEC could possibly be doing a 180 on this (more and more political situation), so now everybody scrambling (like us everybody else assumed they’d be denied). See… https://t.co/gcxgYHz3om
— Eric Balchunas (@EricBalchunas) May 20, 2024
Reflecting the rising optimism, Ethereum’s worth surged over 19% prior to now 24 hours, reaching $3,782.68 as of 12:28 P.m. ET on May 21.
The broader cryptocurrency market additionally reacted positively, with the GM 30 Index, which tracks the highest 30 cryptocurrencies, rising by 9.25% to 148.75.
