Crypto Analyst Michaël van de Poppe Doubts Ethereum ETF Approval, Highlights Ecosystem Strength
The future of Ethereum is uncertain as notable crypto analyst Michaël van de Poppe casts doubts on the possibility of an Exchange-Traded Fund approval for the cryptocurrency. Despite the potential for an upward trend in Ethereum’s value, Van de Poppe believes the chances of approval are low. He also highlighted the strength of the Ethereum ecosystem, emphasizing that people may be underestimating its resilience.
The Securities and Exchange Commission’s continued scrutiny of Ethereum ETF proposals has led to a decrease in market expectations for approval by the May deadline. With a prediction market assigning only a 16% chance of approval by May 31, the uncertainty surrounding an Ethereum ETF approval looms large.
While the SEC approved a Bitcoin ETF earlier this year, the fate of an Ethereum ETF remains uncertain. Investment bank Standard Chartered remains optimistic about the future of digital assets, even if the approval is delayed.
Despite the skepticism, the Bitcoin and Ethereum ETFs in Hong Kong are expected to attract $1 billion in assets within the next two years, indicating a strong global interest in cryptocurrency ETFs.
However, not everyone shares the same optimism for Ethereum’s future. A seasoned Bitcoin trader recently expressed a pessimistic outlook for Ethereum, suggesting that the “ETH story is dying.”
In terms of price action, Bitcoin is currently trading at $64,535 with a 0.44% increase over the past 24 hours, while Ethereum is trading at $3,170 with a 0.98% rise in the last 24 hours. The future of Ethereum remains uncertain as the debate over an ETF approval continues to unfold in the crypto world.
