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Homeweb3.0Bitcoin set to hit new all-time highs over the weekend! Standard Chartered Bank: The U.S. SEC will approve an Ethereum spot ETF this week!

Bitcoin set to hit new all-time highs over the weekend! Standard Chartered Bank: The U.S. SEC will approve an Ethereum spot ETF this week!

As the U.S. Securities and Exchange Commission (SEC)’s stance on Ethereum spot ETFs reversed overnight, companies including VanEck, Fidelity, Franklin, Ark Invest, Grayscale, and Invesco Galaxy Six applicants have submitted revised 19b-4 documents. This change has sharply increased market expectations that the Ethereum spot ETF will be approved before the 23rd. Various good news continue to drive up the price of ETH.

Standard Chartered Bank: Ethereum spot ETF will be approved this week

In this context, Geoff Kendrick, head of foreign exchange research and digital asset research at Standard Chartered Bank, revised his April forecast yesterday. Said that there is currently 80% to 90% confidence that the SEC will approve the Ethereum spot ETF this week, and further predicted the capital flow it will bring after approval: After approval, we estimate that the Ethereum spot ETF will be in the first 12 months after approval. The month brought in inflows of 2.39 million to 9.15 million ETH… In U.S. dollars, this equates to approximately $15 billion to $45 billion.

Kendrick also predicts that the price ratio of Ethereum to Bitcoin will remain at 5.4% by 2024. If BTC reaches $150,000 by the end of the year, the price of Ethereum may reach $8,000.

“Given that we now predict that Bitcoin will reach the $150,000 level by the end of 2024, this means that the price of Ethereum will reach $8,000.”

At the beginning of May, Standard Chartered Bank released The research report pointed out that Bitcoin will benefit from the US debt problem and Trump's election in the future, and the price will be further pushed up. The report reiterated that BTC will reach US$150,000 by the end of the year, and will further climb to US$200,000 by the end of 2025.

Predict that Bitcoin will hit a record high over the weekend

Further, Standard Chartered Bank stated that if the Ethereum spot ETF is approved on the 23rd as expected, this will encourage the price of Ethereum to continue to surge, and because The approval of an Ethereum spot ETF will further legitimize the crypto industry and therefore be beneficial for BTC as well. Kendrick said: If the news about ETH is true, then it comes at the right time for BTC. I expect Bitcoin to hit new all-time highs by the weekend.

Kendrick noted that market conditions have been more optimistic in recent days, with increased inflows into the Bitcoin spot ETF, bringing its total cumulative net inflows to an all-time high of $13.17 billion.

SoSoValue data shows that the total net inflow of Bitcoin spot ETF on the 21st was US$306 million, and it has been net inflow for 7 consecutive days. Grayscale GBTC had a net outflow of 0, BlackRock ETFIBIT had a net inflow of US$290 million in a single day, and the total asset size of the Bitcoin spot ETF reached US$58.91 billion.

However, even if the Ethereum spot ETF is indeed approved, it remains to be seen whether it will immediately stimulate the price of Bitcoin and Ethereum to rise. If compared with the situation after the Bitcoin spot ETF was approved, it may not be so good. At that time, after the Bitcoin spot ETF was approved on January 11, Bitcoin began to be affected by factors such as the good news (sell the news) and a large net outflow of GBTC. It began to fall back and continued to rise until the end of January.

In addition, it is now generally expected to be approved for the 19b-4 (exchange rule change) document of the Ethereum spot ETF, and the product will also need S-1 (IPO registration statement) approval to be listed. (ETHE requires S-3 approval), the time between those two could be weeks to months, so we are still a long way from seeing the up to $45 billion in inflows that Standard Chartered expects. Section of road.

Bitcoin set to hit new all-time highs over the weekend! Standard Chartered Bank: The U.S. SEC will approve an Ethereum spot ETF this week!

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