Michaël van de Poppe, a notable crypto analyst, voiced doubts regarding the prospects of an Exchange-Traded Fund approval for Ethereum (CRYPTO: ETH). Additionally, he emphasized the resilience of the Ethereum ecosystem.
What Happened: Van de Poppe took to social media platform X to share his views on the possibility of an Ethereum ETF approval. He indicated that the chances of approval are low, despite the potential for an upward trend in Ethereum's value. He also emphasized the strength of the Ethereum ecosystem.
"It's still on edge to have one and I think people are underestimating the strength of the Ethereum ecosystem," he wrote.
The chances for an ETF approval for #Ethereum are quite low, but that doesn't mean that we're going to have an upward run on Ethereum.
It's still on edge to have one and I think people are underestimating the strength of the Ethereum ecosystem.— Michaël van de Poppe (@CryptoMichNL) April 24, 2024
Why It Matters: The possibility of an Ethereum ETF has been a hot topic in the crypto world. The SEC's continued scrutiny of Ethereum ETF proposals has cast doubt on the May approval deadline. This has led to a decrease in the market's expectation of an ETF approval, with a prediction market assigning only a 16% chance of approval by May 31.
Notably, the SEC issued a historic approval for a Bitcoin (CRYPTO: BTC) ETF on January 10, 2024, pushing Wall Street into the cryptocurrency age.
Despite the uncertainty, investment bank Standard Chartered remains optimistic about the future of digital assets. The bank believes that the market is well-positioned for a rebound, even if the approval is delayed.
Meanwhile, the Bitcoin and Ethereum ETFs in Hong Kong are projected to accumulate $1 billion in assets within the next two years, despite China's ban on the underlying assets. This suggests a strong global interest in cryptocurrency ETFs.
However, not everyone is optimistic about Ethereum's future. A seasoned Bitcoin trader and advocate recently declared a pessimistic outlook for Ethereum, suggesting that the "ETH story is dying."
Price Action: Based on data from Benzinga Pro, Bitcoin is presently trading at $64,535, marking a 0.44% increase over the past 24 hours and a 46.10% surge year-to-date. Meanwhile, Ethereum is trading at $3,170, with a 0.98% rise in the last 24 hours and a 34.74% increase year-to-date.
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