{"id":12882,"date":"2024-04-24T13:53:42","date_gmt":"2024-04-24T10:53:42","guid":{"rendered":"https:\/\/forklog.com\/en\/standard-chartered-doubts-may-approval-for-spot-eth-etfs\/"},"modified":"2024-04-24T13:53:42","modified_gmt":"2024-04-24T10:53:42","slug":"standard-chartered-doubts-may-approval-for-spot-eth-etfs","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/standard-chartered-doubts-may-approval-for-spot-eth-etfs\/","title":{"rendered":"Standard Chartered Doubts May Approval for Spot ETH-ETFs"},"content":{"rendered":"

Investment bank Standard Chartered has revised its optimistic forecast regarding spot Ethereum-ETFs, now expressing doubt that the SEC<\/span> will approve the instrument in May. This was reported by CoinDesk<\/a> citing the company’s report.\u00a0<\/p>\n

Previously, analysts anticipated<\/a> a positive decision on the exchange-traded funds based on the second-largest cryptocurrency by market capitalization by May 23.\u00a0<\/p>\n

\n

\u201cThe assumption was based on the belief that the approval process would follow the trajectory of bitcoin-ETFs, and that there would be constructive dialogue between the SEC and fund issuers. However, discussions have not yet occurred, at least publicly,\u201d stated the bank’s head of research, Geoffrey Kendrick.<\/p>\n<\/blockquote>\n

On April 23, the SEC postponed its decision on the spot Ethereum-ETF from Franklin Templeton, extending the deadline to June 11. Prior to this, the regulator extended<\/a> the review period for a similar application from BlackRock.\u00a0<\/p>\n

Experts also highlighted other negative factors such as the Commission’s investigation into the decentralized exchange Uniswap, rising U.S. Treasury yields, the postponement of the Fed<\/span>‘s base rate cut, and the crypto market correction amid escalating conflict in the Middle East.\u00a0<\/p>\n

However, according to Standard Chartered’s report, the bad news is already priced into bitcoin and Ethereum. The company expects that \u201cpositive structural drivers\u201d will once again prevail.\u00a0<\/p>\n

Additionally, the bank confirmed its previous target<\/a> for the end of 2024, with bitcoin at $150,000 and ETH at $8,000.\u00a0<\/p>\n

State of Bitcoin Funds<\/h2>\n

The report noted that inflows into spot bitcoin-ETFs have recently slowed due to macroeconomic and geopolitical reasons.\u00a0<\/p>\n

According to Standard Chartered analysts, the first wave of purchases of the instrument has likely concluded. This suggests that a strong positive market driver is currently \u201cstalled.\u201d\u00a0<\/p>\n

The next growth phase will involve the inclusion of ETFs based on the first cryptocurrency into broader macro funds, but this may take some time, the bank noted.<\/p>\n

According to SoSoValue<\/a>, spot bitcoin exchange-traded funds in the U.S. recorded net inflows for three consecutive days, following five days of outflows.\u00a0<\/p>\n

\"Standard
Inflows and outflows in spot bitcoin-ETFs. Data: SoSoValue.<\/figcaption><\/figure>\n

On April 23, the figure was $31.64 million. GBTC from Grayscale showed a net outflow of $66.88 million, while IBIT from BlackRock added $37.92 million.<\/p>\n

Since the launch<\/a> of bitcoin-ETFs in January, the products have recorded a total inflow of $12.42 billion. The total value of assets under management by fund issuers is approximately $55.82 billion.\u00a0<\/p>\n

It is worth noting that GBTC crypto assets halved in about three months following conversion into a spot ETF.<\/p>\n","protected":false},"excerpt":{"rendered":"

Investment bank Standard Chartered has revised its optimistic forecast regarding spot Ethereum-ETFs, now expressing doubt that the SEC will approve the instrument in May. This was reported by CoinDesk citing the company’s report.\u00a0 Previously, analysts anticipated a positive decision on the exchange-traded funds based on the second-largest cryptocurrency by market capitalization by May 23.\u00a0 \u201cThe […]<\/p>\n","protected":false},"author":1,"featured_media":12881,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[569,46,1150,1347],"class_list":["post-12882","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-etf","tag-ethereum","tag-news-plus","tag-standard-chartered-plc"],"aioseo_notices":[],"amp_enabled":true,"views":"23","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/12882","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=12882"}],"version-history":[{"count":0,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/12882\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/12881"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=12882"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=12882"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=12882"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}