Ether ETFs Are Unlikely to Be Approved in May: Standard Chartered

It is unlikely that the SEC will grant approval for Ethereum ETFs providing access to ether to investors by May, as suggested by Standard Chartered in a recent update, having previously anticipated such approval at that time.

In simpler terms, the approval of a Bitcoin ETF in January boosted its price. However, Standard Chartered, despite changing its stance on an Ethereum ETF, remains neutral. The digital currency market has faced numerous setbacks recently, but the worst is behind us, and a recovery is imminent, according to Standard Chartered’s research report published on Tuesday.

Despite the recent setbacks, such as Iran’s attack on Israel leading to large-scale liquidations in bitcoin futures markets, the bank maintains its optimistic outlook for the digital currencies. They believe that “constructive factors” will once again dominate, with bitcoin expected to reach $150,000 and ether $8,000 by year-end. At the time of publication, bitcoin was trading around $66,800 and ether near $3,237.<

In addition, the initial surge in purchasing Exchange-Traded Funds (ETFs) might have already peaked, according to the bank’s analysis. This significant market catalyst may have lost its momentum for now. However, the next wave of buying could stem from these ETFs being added to broader investment portfolios, but this process could take some time to materialize.