Standard Chartered, a major financial organization, anticipates the United States Securities and Exchange Commission (SEC) to approve spot Ether exchange-traded funds (ETFs) by this week.
The first wave of spot ether ETF deadlines is drawing near quickly, with VanEck’s ETF filing deadline on May 23 and Ark Invest/21Shares’ deadline on May 24.
Just one month after asserting that approval was doubtful that the May approval deadline would be met, the financial behemoth has now modified its position on the likelihood of a spot Ether ETF acceptance.
Geoff Kendrick, Head of FX Research and Digital Assets Research at Standard Chartered Bank, expressed his “80% to 90%” confidence that ether ETF approval will occur this week.
Kendrick predicts that spot ETFs will induce inflows of 2.39–9.15 million ether, equivalent to between $15 billion and $45 billion, in the first year.
Kendrick said, “As a percentage of market cap, it is similar to our estimates of inflows to bitcoin ETFs, which are proving accurate.” He added that based on Bitcoin price projections of $150,000, they anticipate Ether to increase similarly and reach roughly $8,000 by the end of the current cycle.
Following the SEC’s request for exchanges to revise their 19b-4 filings before the May deadline, many market analysts who were previously certain that Ether ETF applications would be denied have changed their stance.
On May 14, Bloomberg ETF experts James Seyffart and Eric Balchunas believed that the US clearance process for Ethereum ETFs appears to be at a standstill. However, according to them, there is now a 75% possibility that the SEC will approve the product.
Also Read: SEC Likely to Reject Ether ETFs Next Month, Sources Report
