Michaël van de Poppe, a well-known figure in the crypto space, recently shared his thoughts on the possibility of an Ethereum ETF approval. On social media platform X, he conveyed doubts about the approval happening soon, citing the general underestimation of the Ethereum ecosystem's robustness. Despite acknowledging the potential for an increase in Ethereum's value, Van de Poppe maintained a cautious stance on the ETF approval prospects.
The Securities and Exchange Commission's (SEC) ongoing scrutiny of Ethereum ETF proposals has raised concerns within the crypto community about the likelihood of approval by the proposed May deadline. This skepticism has led to a decrease in market expectations, with a prediction market estimating a mere 16% chance of approval by May 31. While the SEC gave the green light for a Bitcoin ETF in January 2024, the road to approval for an Ethereum ETF appears more uncertain.
Despite the regulatory uncertainties surrounding ETFs, investment bank Standard Chartered remains positive about the future of digital assets. The bank's optimism suggests that a delay in approval does not necessarily diminish the market's potential for a rebound. Additionally, the increasing popularity of Bitcoin and Ethereum ETFs in Hong Kong indicates a growing global interest in such investment vehicles, with projections indicating a significant influx of assets despite China's ban on underlying assets.
However, not everyone shares the same optimism about Ethereum's future. Another seasoned trader and advocate recently expressed doubts about Ethereum's trajectory, suggesting a less favorable outlook for the cryptocurrency. Amidst varying opinions and market dynamics, both Bitcoin and Ethereum have seen notable price movements, with Bitcoin trading at $64,535 and Ethereum at $3,170 at present. These figures reflect recent increases in both cryptocurrencies’ values, indicating ongoing market volatility and investor interest in the crypto space.