When I reached my desk this morning and checked out notifications on my phone as I powered up my laptop and saw Ether +20% and everything else up but not as much, I thought: "This must be something major about spot Ethereum ETFs."
And it is... The SEC seems to have changed the approach on the spot Ethereum ETFs applications from an apparent negative stance to one where they work with the applicants to change their proposals more to their liking. We saw this approach before, for the spot Bitcoin ETFs, and it's a precursor to approving most, if not all the applications that make the changes.
I don't believe given the new twist, that the SEC will reject the proposals. If they wanted to do that, they wouldn't have asked for changed proposals. The only question I still have is when will the approvals come. Will they come this week or the next as I see many expect (more than half, in a contract betting on when the proposal will be approved)? Next month as more expect? Or closer to the fall?
If the spot Ethereum ETFs will be approved it's almost obvious we will have a hot summer in crypto... I would be a little worried if that happened... Not about the trend over the summer, but rather about how long this bull market will be, compared to the previous ones.
After the spot Bitcoin ETFs there were 3 months of strong upward trend. Maybe we would have the same trend length after the spot Ethereum ETFs approvals, maybe not. But normally, the uptrend starts in the fall and goes on into the winter. If the uptrend starts in the summer, will it be strong enough to last to the winter (with its normal drawdowns, of course)? Hard to say, knowing there are other major players in the market now, too.
There are some sayings in the financial markets though, that may be important to remember in times like this:
The trend is your friend.
Don't fight the market. You will lose.
Both of them are true in 99% of cases. But in the 1% of cases, those who do and remain solvent long enough to prove they were right, get something to talk about for years...
There is also the taking profit part which some of us may have ignored in the past, to our detriment. Remember that, when everything will be pumping!
I said before that we will have a boring summer in crypto. But if the spot Ethereum ETFs are approved before that or at the start of the summer, forget about that. There will be fireworks! There already are in expectation of such an event.
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I think with this statement, where they will help work with applicants, it will be approved soon. They would have used other wordings or reasons if they were delaying, or didn't want to approve. This time though, I hope Hive gets pulled up a lot.
They could still be delaying the decision a bit. One way to do it is ask for more modifications. But we will see what they want to do.
Yeah, ETH is an alt, even if the biggest one, there is no excuse for HIVE to keep falling behind if we have an alt season this summer (maybe).
If the ETH ETF is approved, it will pave the way for Solana which will be pretty major. The ETH ETF seems to come when many started giving up on ETH and rotating to BTC or SOL.
ETH should never be disregarded. By itself, or with EVMs, it is huge. Whether or not it would be decentralized in the future in any way, that's another discussion.
I can only say from a practical use viewpoint, I think it is over compared to say Solana. Solana has now also flipped ETH in nearly all metrics from what I can see. It will be a winner takes most situation.
Hard to say, especially since they are incompatible technologies. Solana is more similar to what happens in TradFi than to the blockchain world, with their blocks that can hold the state of accounts at all times without being needed the history of the chain. Very few, if any nodes, hold full Solana chain since it's over 100TB already.
Thats a good point. I do wonder the future of the chain if it becomes so bloated like that! Is it really a good tech advance?
Personally, I don't like it. It seems like a step backwards instead of forward. Like Web 2.5 is compared to Web 3. But that doesn't mean this isn't what will bring mass adoption.
I think the hype is there and ETH is the 2nd largest crypto. So it does have enough of a market cap. I don't see any reason for the SEC to fight it but Gensler has always been anti-crypto. I do hope it gets approved because it could mean more crypto ETFs.
I am torn about crypto ETFs. I like their potential to entice mass adoption and the impact on price, but at the same time there will be mass adoption of these ETFs, not of crypto, directly. And they are an instrument for big TradFi businesses (Wall Street and others) to start controlling vast crypto areas.
Wow hoping for the approval to happen faster... My boy gadrian can become a rich man 🥰🥰🥰
I'm ok either way, soon or late. When we have clarity, we can make more informed decisions.
Well you're so right on that bruv... Keep grinding and never give up 🥰
I like what I see and hear. This could be a great summer! ETH approval will lead to more and more (with any luck!)
From the price standpoint, that will be true. From who controls what point of view, Wall Street is slowly but surely conquering crypto.
Even if they don’t approve it very soon, I’m sure they will approve it later
That’s something I’m sure about…
Yep, once they took this road of advising applicants to change their proposals, this can't end with a rejection. When it'll come, remains to be seen. The earliest possible is on Thursday, this week. But it doesn't mean it'll happen this week.