The cryptocurrency market has ushered in major positive news, and the US Securities and Exchange Commission (SEC) is expected to approve Ethereum spot ETFs. According to Bloomberg ETF analyst James Seyffart, five potential Ethereum spot ETF issuers have submitted revised documents to the SEC, including well-known institutions such as Fidelity, VanEck, Invesco/Galaxy, Ark/21 Shares and Franklin.
As the expectation of approval increases, the negative premium rate of Grayscale Ethereum Trust (ETHE) has narrowed significantly to 11.82%. The market generally believes that SEC officials require exchanges to quickly update and modify listing application documents, which usually indicates that approval is imminent.
However, the classification of Ethereum's attributes remains a key issue. At present, it is not yet determined whether Ethereum is regarded as a commodity or a security. Most of the ETFs in the application have proactively removed clauses related to securities characteristics to adapt to regulatory requirements.
The change in regulatory attitude is also seen as a signal that the Biden administration is softening its crypto policy. Dragonfly partner Haseeb Qureshi believes that the change in regulators' attitude may continue, but it will not be completely reversed.
In terms of market prediction, Standard Chartered Bank is the most optimistic, predicting that if the Ethereum spot ETF is approved, ETH will rise to $8,000 by the end of the year. QCP Capital is relatively cautious, predicting that the price of ETH will fluctuate by $1,000 depending on the approval results.
In addition, well-known investors Su Zhu and Daniel Yan, founder of Kryptanium Capital, also gave their own predictions and trading strategies. Su Zhu believes that ETH will rise to $5,400, while Daniel Yan recommends buying SOL/ETH after approval.
Overall, the market is optimistic about the approval of the Ethereum spot ETF, which is expected to bring strong upward momentum to ETH. But at the same time, regulatory uncertainty and market volatility cannot be ignored.
