Standard Chartered Bank has revised its prediction and now believes that the U.S. Securities and Exchange Commission (SEC) will approve spot ethereum exchange-traded funds (ETFs) this week. The bank’s head of digital asset research, Geoff Kendrick, has expressed 80% to 90% confidence in this outcome. If approved, Kendrick estimates that ether could see inflows of $15 billion to $45 billion within the first year. The SEC’s decisions are eagerly awaited by the market, with important deadlines coming up on May 23 and 24. Standard Chartered has also forecasted that if bitcoin reaches $150,000 by the end of the year, ether could reach $8,000.
There is significant anticipation surrounding the SEC’s decision on whether to approve spot ether ETFs. The regulator is currently reviewing proposals from Vaneck and Ark Invest/21shares, with deadlines approaching on May 23 and 24 respectively. Geoff Kendrick, the Head of FX and Digital Assets Research at Standard Chartered, has revised his previous doubts and now believes there is an 80% to 90% chance of the SEC approving spot ethereum ETFs this week. He predicts that if approved, these ETFs could bring in between 2.39 million and 9.15 million ether, equivalent to $15 billion to $45 billion in U.S. dollars, within the first year.
Kendrick also expects the price ratio between ether and bitcoin to remain at 5.4% throughout 2024. If bitcoin reaches $150,000 by the end of the year, he believes that ether could reach $8,000. Kendrick explains that this prediction is based on the assumption that bitcoin will reach $150,000 by the end of 2024.
The market’s expectations are influenced by broader trends and regulatory developments. There is a perception that the potential re-election of former President Donald Trump would be positive for the crypto market, as it could lead to more favorable regulatory conditions and further cryptocurrency adoption. Kendrick stated earlier this month that a second Trump administration would create a more supportive regulatory environment.
What are your thoughts on the Standard Chartered analyst’s prediction that the SEC will approve spot ethereum ETFs this week? Let us know in the comments section below.
