UK-based banking behemoth Standard Chartered made a statement that raised hopes for investors expecting a spot Ethereum ETF.
Standard Chartered, who recently increased the year-end price prediction for Bitcoin from $100,000 to $150,000, made statements that pleased Ethereum investors this time.
The institution stated that there is still a possibility of approving spot Ethereum exchange-traded funds (ETF) in the US in May, and if approved, there could be an entry of up to $45 billion in the first 12 months into these funds.
Standard Chartered’s Forex and Crypto Research Head Geoffrey Kendrick told The Block that the Bitcoin formula could also be valid for Ethereum:
My view is that they will be approved on May 23. However, I can say that this is now a view that is no longer a consensus. If the ETFs are approved, I predict an entry of $15-45 billion in the first 12 months using the logic I applied to Bitcoin.
Currently, many financial giants have applied for a spot Ethereum ETF, but the US Securities and Exchange Commission’s (SEC) indifferent stance on the matter has begun to increase doubts about the approval coming in May.
S. enior Bloomberg ETF analysts last reduced the chances of approval in May from 70% to 30%.
