US Giant Investment Bank: SEC Will Reject Spot Ethereum (ETH) ETF!

At what dollar level will BTC and ETH be at the end of the year?

Analysts at giant investment bank Standard Chartered think that the US Securities and Exchange Commission (SEC) will not approve spot Ethereum (ETH) ETFs next May, despite the wishes and pressure of crypto investors.

The approval of a spot Bitcoin (BTC) ETF in January helped accelerate the rally in the leading cryptocurrency. However, although Standard Chartered thinks Ethereum ETFs will be rejected, it does not expect a decline in ETH.

Standard Chartered said in a recent research report that digital assets have been subject to a negative headwind in recent weeks, but the worst is over and the market is well positioned to recover.

Although the Standard Chartered analyst said that Ethereum spot ETFs will likely be approved on May 23, he said the following in the latest report:

Inflows into the Bitcoin exchange-traded fund (ETF) stopped. Ethereum ETFs are now unlikely to be approved in May.

Standard Chartered analyst Kendrick said the following about the recent declines in the crypto market:

“The US Securities and Exchange Commission (SEC) filed a lawsuit against Uniswap, focusing on decentralized finance (DeFi), US Treasury yields rose and FED interest rate cuts were postponed.

"With the addition of conflicts in the Middle East on top of these developments, there were sudden withdrawals in BTC and ETH."

Still, the bank expects bad news for Bitcoin and Ethereum to have already been priced in and “positive structural factors” will again take over the dominant market environment.

The company reiterated its year-end Bitcoin price target at $150,000 and its Ethereum forecast at $8,000.