According to U.Today, the Securities and Exchange Commission (SEC) has filed Fidelity's spot Ethereum ETF application. Despite this development, the chances of approval remain low. This information has sparked intense discussions among the crypto community. Bloomberg Intelligence analyst James Seyffart commented on the filing, stating that nothing in the filings indicates any changes. He further added that silence from the SEC is usually not a good sign, implying that ETF approval is unlikely at the moment. Previously, leading ETF analyst Eric Balchunas estimated the chances of Ethereum ETF approval at a very pessimistic 25%.
In other news, veteran trader Peter Brandt made a bold statement, declaring that Bitcoin will remain superior to gold in the long term. He compared the largest crypto and precious metals to members of the royal court, with Bitcoin being the ruler, gold a baron, and silver a jester. Brandt shared a chart showing the steady decline of gold's value in relation to Bitcoin since the latter's introduction onto exchanges in the early 2010s. However, ETF expert Eric Balchunas suggested a different perspective, noting a resurgence in gold's appeal compared to BTC, which could indicate a temporary shift of funds away from the cryptocurrency.
Lastly, Shiba Inu is nearing a significant milestone of four million total addresses. This figure includes all addresses that have ever been created and have held SHIB at some point, as well as those that currently do. This coincides with a sharp increase in the SHIB adoption rate, indicating growing interest in the meme token. According to data by IntoTheBlock, Shiba Inu has reached 3.98 million total addresses, largely due to a spike in newly created addresses following SHIB's March 5 peak. The same source shows that the rate of new user adoption for Shiba Inu is currently 40.22%, meaning that two out of five active SHIB addresses are new to the network. This adoption rate remains impressive despite the current market volatility.