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Spot Ether ETF Progress Hindered by Traders
The much-anticipated Spot Ether ETF, slated for approval in mid-2024, may face a significant delay as crypto traders have decreased the likelihood of approval to 24%. While no specific reason has been provided for this shift, there is speculation that traders are turning their attention towards Bitcoin (BTC) holdings.
Implications of Delayed Approval
With the May deadline fast approaching, traders are expressing skepticism about the potential approval of the Spot Ether ETF by the U.S. Securities and Exchange Commission (SEC). This uncertainty has prompted many traders to divert their focus towards BTC, anticipating a positive price impact if the Ether ETF is delayed or rejected.
Despite the lack of official announcements from regulatory entities, traders have assumed a cautious stance, indicating that the approval of the Ether ETF could have a significant influence on BTC prices. Whether the ETF is approved or not, it is evident that BTC is positioned to benefit from the developments in the market.
Market Reactions and Speculation
The price of Ether (ETH) has experienced notable fluctuations amidst speculations surrounding the approval of the ETF. Currently valued at $3,936.29, ETH has seen a 13.63% increase in the past week and a remarkable 55.755% surge over the last month. Traders have humorously credited the Ether community for the price surge, attributing it to the optimism surrounding the ETF approval.
In contrast, BTC remains a more stable option, surpassing the $70,000 mark with a 1.38% increase. Priced at $70,380.70, BTC’s 24-hour volume has risen by 55.63%. Despite projections of a potential retracement to below $69,000, BTC’s overall performance remains strong.
Other tokens such as XRP and SHIB are also making significant strides, with the latter poised to outperform its counterparts in market capitalization. Memecoins like DOGE and ADA are expected to follow this trend, indicating a dynamic shift in the cryptocurrency market.
While the delay in the Spot Ether ETF approval has stirred speculation and market reactions, some community members argue that ETH’s price surge is not solely tied to ETF expectations. It is suggested that such narratives are paving the way for the introduction of additional crypto ETFs in the near future.
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