Crypto Analyst Michaël van de Poppe Voices Doubts on Ethereum ETF Approval: What You Need to Know
Crypto Analyst Michaël van de Poppe Voices Doubts on Ethereum ETF Approval, Emphasizes Ecosystem Resilience
Renowned crypto analyst Michaël van de Poppe has raised concerns about the likelihood of an Exchange-Traded Fund (ETF) approval for Ethereum (CRYPTO: ETH). 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 in a recent social media post.
The possibility of an Ethereum ETF approval has been a hot topic in the crypto world, with the Securities and Exchange Commission (SEC) closely scrutinizing proposals. The uncertainty surrounding the approval deadline in May has dampened market expectations, with a prediction market assigning only a 16% chance of approval by May 31.
While the SEC approved a Bitcoin (CRYPTO: BTC) 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 strong global interest in cryptocurrency ETFs. However, not everyone shares van de Poppe’s optimism about Ethereum’s future, with some traders expressing a pessimistic outlook on the cryptocurrency.
In terms of price action, Bitcoin is currently trading at $64,535 with a 0.44% increase in the past 24 hours and a 46.10% surge year-to-date. Ethereum is trading at $3,170, showing a 0.98% rise in the last 24 hours and a 34.74% increase year-to-date.
As the crypto market continues to evolve, the debate over an Ethereum ETF approval remains a key topic of discussion among investors and analysts. Stay tuned for more updates on this developing story.
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