Michaël van de Poppe, a prominent crypto analyst, expressed skepticism about the likelihood of an Exchange-Traded Fund (ETF) approval for Ethereum (CRYPTO: ETH). He also highlighted the robustness of the Ethereum ecosystem.
Van de Poppe shared his thoughts on social media, indicating that the chances of an Ethereum ETF approval are slim despite the potential for an uptrend in Ethereum’s value. He emphasized the strength of the Ethereum ecosystem, stating, “It’s still on edge to have one and I think people are underestimating the strength of the Ethereum ecosystem.”
The possibility of an Ethereum ETF approval has been a widely discussed topic in the crypto community. The Securities and Exchange Commission’s (SEC) ongoing scrutiny of Ethereum ETF proposals has raised doubts about the approval deadline in May. This has led to diminished expectations in the market, with a prediction market assigning only a 16% probability of approval by May 31.
While uncertainty looms, investment bank Standard Chartered remains positive about the future of digital assets, believing the market is poised for a rebound even if the approval is delayed. Despite China’s ban on underlying assets, Bitcoin and Ethereum ETFs in Hong Kong are forecasted to attract $1 billion in assets within the next two years, signaling strong global interest in cryptocurrency ETFs.
However, not everyone shares the same optimism for Ethereum’s future. A seasoned Bitcoin trader recently expressed a negative 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 in the past 24 hours and a 46.10% surge year-to-date. Meanwhile, Ethereum is trading at $3,170, experiencing a 0.98% rise in the last 24 hours and a 34.74% increase year-to-date.
Overall, the discussion around an Ethereum ETF approval remains uncertain, with differing viewpoints on its potential impact on the market.