The SEC hits the brakes again! The ETF pledge function of $ETH has been delayed, and the market is cooling down.
The US SEC originally planned to greenlight Bitwise's application for the "Ethereum ETF pledge function" in early July, but suddenly announced another delay + initiated public review, with a conclusion unlikely until at least October.
In simple terms, Bitwise wants to add an "interest function" to its Ethereum ETF—investors can earn staking rewards while lying down (annualized about 3%), but the SEC feels the risks are not clear and is hesitant to allow it.
This year, the price of ETH has halved, on-chain activity has plummeted, and the ETF was supposed to be a lifeline. Now that the pledge function has been delayed, the short-term rebound expectations have basically evaporated.
Rex-Osprey's Solana staking ETF (annualized yield 5%+) is set to launch on July 2. If successful, it may attract institutional funds away from Ethereum.
All altcoin ETFs are facing roadblocks:
Applications for ETFs like XRP, DOGE, etc., have also been batch delayed by the SEC, with October becoming a key time window.
The current market is becoming increasingly boring; Feng Ge has become too lazy to make a move, and there's no longer that feeling from before.
