Ethereum

Standard

James

<div class="coinjournal">
 <ul>
  <li>Standard Chartered expects SEC approval of Ethereum ETFs this week.</li>
  <li>The bank predicted inflows of $15-45 billion that could drive ETH price to $8,000 by the end of 2024.</li>
  <li>Ether’s price has surged 19% in the past 24 hours, reflecting the optimism in the market.</li>
 </ul>
 <p>Standard Chartered expects the U.S. Securities and Exchange Commission (SEC) to approve Ethereum (ETH) ETFs this week.</p>
 <p>If it happens, it could herald a substantial influx of capital into the ether market, with projections estimating inflows between $15 billion and $45 billion in the first 12 months post-approval.</p>
 <h2 id="the-critical-ether-etfs-proposal-deadlines">The critical ether ETFs proposal deadlines</h2>
 <p>The SEC is approaching critical deadlines for several ether ETF proposals, with VanEck’s submission due on May 23 and Ark Invest/21Shares’ on May 24.</p>
 <p>Geoff Kendrick, Head of FX Research and Digital Assets Research at <a rel="noopener noreferrer nofollow" title="Standard Chartered" href="https://thebittimes.com/tag/standard-chartered.html">Standard Chartered</a>, stated that the <a rel="noopener noreferrer nofollow" title="approval" href="https://thebittimes.com/tag/approval.html">approval</a> of spot ether ETFs could drive significant market activity, with anticipated inflows ranging from 2.39 million to 9.15 million ether.</p>
 <p>Kendrick emphasized that these inflows, as a percentage of market capitalization, are comparable to those seen with bitcoin ETFs, which have proven to be accurate predictors of market behaviour.</p>
 <h2 id="ethereum-eth-price-forecasts">Ethereum (ETH) price forecasts</h2>
 <p>In light of this, Standard Chartered has reiterated its ambitious price target for Ethereum (ETH), forecasting it to reach $8,000 by the end of 2024. This projection is based on maintaining the current 5.4% price ratio between ether and bitcoin, with bitcoin itself expected to hit $150,000 by year-end.</p>
 <p>The bank’s outlook extends even further, predicting that by the end of 2025, Ethereum (ETH) price could soar to $14,000, assuming Bitcoin reaches a staggering $200,000.</p>
 <p>These optimistic targets underscore the potential impact that ETF approvals could have on the broader cryptocurrency market.</p>
 <h2 id="sec-requested-updates-to-the-19b-4-spot-ethereum-etfs-filings">SEC requested updates to the 19b-4 spot Ethereum ETFs filings</h2>
 <p>The momentum towards <a rel="noopener noreferrer nofollow" title="approval" href="https://thebittimes.com/tag/approval.html">approval</a> gained additional support on Monday when the SEC requested updates to the 19b-4 filings for spot ether ETFs.</p>
 <p>This move suggests progress, albeit without guaranteeing <a rel="noopener noreferrer nofollow" title="approval" href="https://thebittimes.com/tag/approval.html">approval</a>. However, the likelihood of <a rel="noopener noreferrer nofollow" title="approval" href="https://thebittimes.com/tag/approval.html">approval</a> has been bolstered significantly.</p>
 <p>As a result of the SEC’s move, Bloomberg ETF analysts James Seyffart and Eric Balchunas increased their approval probability estimates from 25% to 75%.</p>
 <blockquote class="twitter-tweet" data-width="500" data-dnt="true">
  <p lang="en" dir="ltr">Update: @JSeyff and I are increasing our odds of spot Ether ETF <a rel="noopener noreferrer nofollow" title="approval" href="https://thebittimes.com/tag/approval.html">approval</a> to 75% (up from 25%), hearing chatter this afternoon that SEC could be doing a 180 on this (increasingly political issue), so now everyone scrambling (like us everyone else assumed they'd be denied). See… https://t.co/gcxgYHz3om</p>
  <p>— Eric Balchunas (@EricBalchunas) May 20, 2024</p>
 </blockquote>
 <p></p>
 <p>Reflecting the growing optimism, Ethereum’s price surged over 19% in the past 24 hours, reaching $3,782.68 as of 12:28 P.m. ET on May 21.</p>
 <p>The broader cryptocurrency market also reacted positively, with the GM 30 Index, which tracks the top 30 cryptocurrencies, rising by 9.25% to 148.75.</p>
</div>
<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/standard-chartered-anticipates-spot-ethereum-etfs-approval-this-week-tbt89138.html">https://thebittimes.com/standard-chartered-anticipates-spot-ethereum-etfs-approval-this-week-tbt89138.html</a></p>

Standard Chartered anticipates spot Ethereum ETFs approval this week

Table of Contents

TheBitTimes

Other articles published on May 21, 2024

Ethereum (ETH) Contract Holdings Hit Record $14 Billion

Altcoins From the Ethereum Ecosystem Rally By 20%, Bull Run Ahead?

Will Bitcoin Correct Like in 2019?

Solana’s Price Surge Captivates Investors

House Democrats Challenge Bill on Digital Asset Regulation

XRP, Wormhole investors look for gains; Rebel Satoshi readies for rally

Join our free newsletter for daily crypto updates!