Spot Ether ETF is the next desirable crypto ETF product in the community. It was slated for approval in the middle of 2024 or May 2024. The first deadline could now be far from becoming a reality since crypto traders have dragged down the approval possibility to 24%. A concrete reason has not been stated, but it has been suggested to head toward the BTC holding.
May deadline is still the first deadline on the list. Traders have been controversially backing their claims about not expecting much from this, especially since the SEC can take a stand in any direction.
One reason to head toward the BTC sphere is that if Spot Ether ETF sees the light at the end of the tunnel, BTC will jump its price reasonably. If the Ether ETF is rejected or pushed further forward by the US agency, traders would want more Bitcoin from the ETF. Simply put, no matter what happens with the Spot Ether ETF, BTC is poised to certainly stand on a better edge in the market. Hence, it is safer to consider a token that is sure about something than a token whose ETF may not be approved.
Crypto traders are the only ones who have provided odds; no relevant agency or authority has made an official announcement.
ETH prices have jumped significantly since the community began speculating about the approval of the ETHF. Ether stood at $3.936.29 at the time of drafting this article. While that represents a drop of 0.24% in the last 24 hours, it is a jump of 13.63% in the last 7 days and 55.755 in the last 30 days.
Crypto traders have also sarcastically congratulated the Ether community for causing a surge in the price. They believe that the price has gone up only because ETH holders were optimistic, or definite, about the ETF getting approved by May 2024. Traders have not spoken about the technicalities of the Ether ecosystem.
BTC is a safer option, considering the token has surpassed the level of $70,000 with a jump of 1.38%. The token is exchanging hands at $70,380.70, with a rise of 55.63% in its 24-hour volume. There is a chance that BTC may retrace to a mark of less than $69,000 in the days to come, as per the BTC forecast. Memecoins wait to follow a trend. XRP and SHIB are already leading the race, except XRP has begun reporting an underwhelming performance. Shiba Inu waits to outperform its counterpart in terms of market cap. Other tokens that could replicate the chart are DOGE and ADA.
That said, some community members are now saying that the rise in ETH is not only because the community speculated on an ETF approval. They believe that statements like these are to make way for other crypto ETFs.
Source: https://www.cryptonewsz.com/trades-lower-the-chance-for-spot-ether-etf-may-approval/