Benzinga - by Aniket Verma, .
Popular cryptocurrency analyst and trader Michaël van de Poppe went against the broader market sentiment by suggesting that spot Ethereum (CRYPTO: ETH) ETFs won't be greenlighted by the SEC this week.
What Happened: Van de Poppe, known for sharing crypto investment strategies on social media, said, "Honestly, I think it’s going to be a delay and approval in July/August," amid the ongoing frenzy. The analyst's views drew market interest as the final deadline for the first wave of applications falls on May 23, with VanEck‘s proposal being the first in line.
The #Ethereum ETF has a deadline in two days.A week ago, the chances of a denial were close to 99%.
Now, apparently, the chances of an approval are 75%.
Honestly, I think it's going to be a delay and approval in July/August.
It's looking good, that's for sure.
— Michaël van de Poppe (@CryptoMichNL) May 21, 2024
Van de Poppe told Benzinga that the likelihood of approval within a window of 72 hours is "weird and almost impossible to establish." He cited the continued presence of ETH staking in many applications as a factor that could delay approvals. He added that the market would likely respond negatively to the SEC’s refusal, but the grounds for denial would determine the next reaction.
"If it’s solely the staking part, then it might suggest that we’re going to have an approval, but just later on, and that would automatically lead to a positive build-up at a later point in time," Van de Poppe emphasized.
Why It Matters: After a few hours of receiving the aforementioned responses, nearly five applicants amended their filings to remove the staking part — a blockade that Van de Poppe was referring to.
UPDATE: It's happening. We have at least 5 of the potential #Ethereum ETF issuers that have submitted their Amended 19b-4's in the last ~25 min.Fidelity, VanEck, Invesco/Galaxy, Ark/21Shares, & Franklin all submitted via CBOE. pic.twitter.com/pHGt8iRWi8
— James Seyffart (@JSeyff) May 21, 2024
Bloomberg Analyst James Seyffart maintained a 75% approval chance as of this publication.
Meanwhile, VanEck's spot Ether ETF fund was listed on the website of the Depository Trust and Clearing Corporation, according to The Block. While not a confirmation of approval, this step was important in the process of listing the investment vehicles.
Price Action: At the time of writing, Ethereum was trading up 3.26% at $3,759.04, according to data from Benzinga Pro.
Read Next: Bitcoiners Scoff At Gold Bull Peter Schiff’s Theory That Ethereum ETF Approvals Could Sink BTC
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