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ETHEREUM ETF ON ITS WAY🚨
BREAKING: Bloomberg analysts revise ETH ETF approval odds to 75% amid rumours of SEC flip
Ethereum
Well well well….
We told you to have faith.
The Bloomberg analysts have now increased their odds of an Ethereum ETF approval from 25% to 75%. 🚀
Sources have explained that the SEC has now asked ETF applicants to update their 19b-4 filings.
EB tweet
The main reason the Bloomberg ETF analysts initially had low odds of an Ethereum ETF approval was the lack of engagement from the SEC.
Today, that changed.
Here’s how Nate Geraci, president of ETFStore, now predicts things will play out:
SEC will approve the 19b-4s - this is the filing necessary to introduce a new product
SEC will then “slow play” the S-1s - this is the filing necessary for the new product to officially begin trading
It’s not known how long the SEC could wait to finally approve these S-1 filings.
But, ETF analyst James Seyffart had this to say:
“We also need S-1 approvals. It could be weeks to months before we see S-1 approvals and thus a live Eth ETF… That said, if we're correct and we see these theoretical approvals later this week. It should mean that S-1 approvals are a matter of 'When' not 'If'“
James Seyffart
However, this delay may end up being beneficial for Ethereum in the long-run.
As we discussed a while ago, institutional investors are still digesting the Bitcoin ETFs.
Adding in Ethereum a couple months after the Bitcoin ETFs would just complicate the conversations.
As this news broke out, the price of ETH rocketed up 18.5% to ~$3,650. 🚀
ETH price
ETH boomed off the back of this news
Here’s a breakdown of all issuers currently in the Ethereum ETF race:
VanEck’s final decision deadline is the first to come up.
All eyes are now on May 23rd…
Under 48 hours to go.
We’re now extremely confident we’ll see an approval on this date.
“Don’t get distracted, fun times are ahead…”
ETH ETHE EETH 🍀GREEN EYED PEAS - LETS GET IT STARTED
ETH ETHE EETH GORILLAZ 🦍 SUNSHINE IN A BAG ☀️
ETH ETHE GORILLAZ 🦍 FEEL GOOD $4200 TARGET TODAY 💪🤑👍🚀🚀🚀🚀🚀🚀🚀🚀🚀
Yup love it, ETH ETHE WOOHOOOOOOOOOOOOOO Cat Stevens Morning Has Broken $4200 TARGET TODAY
It was the largest daily candle ever for $ETH.X. 😍
☀️ 💪😎👍 🌊🛥️🎣. 🐋 ETH ETHE WOOHOOOOOOOOOOOOOOOOOOO
ETHEREUM EXCHANGE BALANCE ⚖️
Today we’ll be taking a look at the amount of Ethereum available for sale on exchanges.
This metric is super simple but extremely useful.
As always, here’s how to interpret the chart:
Decreasing exchange balances: Bullish indicator as it signals a shift towards long-term holding 🐂
Increasing exchange balances: Bearish indicator as coins being transferred to exchanges are more likely to be sold 🐻
onchain
Currently there is only 12,875,352 ETH available for sale on exchanges.
That’s ~10.75% of the entire circulating supply. And it effectively puts this metric at an all time low.
(it’s been hitting new all-time lows every week forever)
In fact, as a percentage there’s even less Ethereum on exchanges than Bitcoin.
That’s insane, considering Bitcoin’s exchange balances are already exceptionally low.
And like Bitcoin, there just isn’t that much ETH available for sale.
It just goes to show how good Ethereum’s supply dynamics are right now.🐂
ETHEREUM ETF ODDS 🤑
BREAKING: Coinbase expects 30% to 40% chance of spot ETH ETF approval by month-end
Eth
Coinbase believe the odds of the SEC approving spot Ethereum ETFs by the end of the month stand between 30% to 40%.
In a May 15 report, Coinbase states that the main reason the Bitcoin ETFs were approved, also applies to Ethereum.
That is:
“The correlation between the CME futures product and the spot exchange rates is sufficiently high,”
Coinbase
Coinbase also reference the upcoming US election as one of the reasons that their odds are so ‘high’:
“We believe the odds of approval are closer to 30-40%. As crypto begins to take form as an election issue, it’s also less certain in our view that the SEC would be willing to front the political capital necessary to support a denial.”
Coinbase
Coinbase also noted that not all Ethereum ETFs need to be approved at the same time.
The SEC has to make a decision on VanEck’s application by May 23rd.
BUT, they can decide on BlackRock and Fidelity’s applications as late as August.
However…
ETF analyst Eric Balchunas doesn’t have as much faith in a May approval.
“Our odds of approval remain the same: slim to none.”
Eric Balchunas
The main reason that Eric believes they’ll be denied in May is due to the lack of engagement from the SEC.
In the lead up to the Bitcoin ETFs there was constant back and forth between the SEC and issuers.
Basically ever analyst right now is expecting the Ethereum ETFs to be denied on May 23rd.
Except Coinbase…
Do they know something that we don’t? 🤔
ETHEREUM EFT's will eventually be approved, but not before ETH gets shorted back to 2K. That's how the game is played. Period.
https://techbullion.com/ethereum-whale-investors-sell-off-9000000-eth-amidst-etf-uncertainty-pivot-towards-undervalued-token-trading-below-0-01/
King Coin still has a ways to go👇️as well... 👺🔥💯
From nutshell:
ETHEREUM EXCHANGE BALANCES ⚖️
Today we’ll be taking a look at the amount of Ethereum available for sale on exchanges.
This metric is super simple but extremely useful.
As always, here’s how to interpret the chart:
Decreasing exchange balances: Bullish indicator as it signals a shift towards long-term holding 🐂
Increasing exchange balances: Bearish indicator as coins being transferred to exchanges are more likely to be sold 🐻
Currently there is only 12,840,422 ETH available for sale on exchanges.
That’s ~10.73% of the entire circulating supply. And it effectively puts this metric at an all time low.
In fact, as a percentage there’s even less Ethereum on exchanges than Bitcoin.
That’s insane, considering Bitcoin’s exchange balances are already exceptionally low.
It just goes to show how good Ethereum’s supply dynamics are right now.🐂
Things are looking real good for Ethereum.
Even better if (when) the ETFs are eventually approved.
Crock indeed - Especially with the "slanderings" which THEY'VE "gotten away with".....
MoMo 1200 Level 2 Ask $ETHE $ETH Ethereum POSA Win Apes!
BTC Halving is anticipated next month so is it next leg up for Ethereum?
🤞🙂🤞
$ETH.X
Welcome Back! $ETH $ETHE
Giggity $ETH $ETHE
Thanks No Doubt! Indeed, Enjoy Juancy $ETH $ETHE
Consolidating nicely, just like SOL.X...😉
$ETH.X
WooHoo Proof Of Steak! $ETH $ETHE Wee…
I think we've hit support.
Sideways then up by weeks end.
Good One! & More On Deck
Thank You $ETH $ETHE
Dencum Upgrade launched a few minutes ago. It will make transactions cheaper for layer 2 data.
$ETH.X
Looking great so far, need to reach $4,650 and then blue skys...
This not investment advice, just my opinion.
Money money money...lol...4k this week..
KICK..................................................
en ASS!
GO ETH / 5 K soon.
GL
Yes we should see that more than that I think
I hear you! it’s great, I hope you make a ton this time bro
3k soon...Wish I bought 50k at $120 in 2020...lol.. but I'm planning with 5k..
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