The anticipation of the approval of exchange-traded funds (ETFs) for Ethereum is causing a frenzy in the cryptocurrency market. Today, May 23, is the deadline for the US Securities and Exchange Commission (SEC) to decide whether to approve or reject these products.
QCP Capital recently highlighted that the approval of Ethereum ETFs could potentially lead to a significant price rally of up to 60% in the coming months, according to Coindesk. This analysis is based on the market reaction following the approval of spot Bitcoin ETFs on January 10.
“With Friday’s implied volatility above 100%, the market is expecting fireworks,” said QCP. “VanEck ETF has been listed by DTCC. We believe that approval is now highly likely, with negotiations scheduled for next week.”
The Depository Trust and Clearing Corporation (DTCC), a prominent provider of financial market infrastructure in the US, has listed the VanEck ETF with the symbol “ETHV”. This move is seen as a significant indication for the approval of ETFs, as listing on the DTCC platform is considered an important step towards final approval.
At the time of publication, the price of Ethereum was quoted at US$3,867.60, with a 3.8% increase in the last 24 hours.
The number of Ethereum wallets has recently exploded, reaching a significant milestone, driven by positive sentiment surrounding ETFs. This was noted by analysts on the Santiment platform on May 21.
The price of Ethereum has soared in recent days due to expectations of SEC approval for ETFs. It is expected that Ethereum ETFs will be approved on May 23.
According to data from Santiment, the number of small holders of Ethereum tokens (those holding 10 or less ETH) continues to grow and has reached a record of 121.74 million.
Disclaimer: The views and opinions expressed in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing or trading cryptocurrencies carries the risk of financial loss.
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