Ethereum

Grayscale Bitcoin Trust

The anticipation around an approval of the spot Ethereum <a href="https://news.todayq.com/bitcoin-price-dips-to-two-week-low-etf-demand-cooling-down/" rel="noopener noreferrer nofollow">Exchange-Traded Fund</a> (ETF) is growing day by day. While the crypto community is talking about the crucial impending decision by the US Securities and Exchange Commission (SEC), experts have dropped their opinion. Ethereum ETFs moving toward a delay? 
An X (formerly Twitter) user raised his objection over the Bloomberg experts’ prediction of a 25% chance for SEC approval of Ethereum ETFs based on current circumstances. He highlighted that these experts’ credibility is rooted in accuracy rather than personal biases towards Ethereum and the crypto market.
Eric Balchunas, Senior ETF Analyst for Bloomberg mentioned that the US SEC comments could majorly impact the odds of approval of ETH ETF. This could potentially double or triple the chances. However, he also notes the challenges associated with the commission providing timely comments, and that too when the deadline for ETF approval is looming in.
Another user questions whether BlackRock’s involvement and investment in Ether linked ETF would move the SEC’s decision.&nbsp;
Balchunas clarifies that BlackRock’s application and investment in Ethereum do not directly influence the commission’s approval process under the 19b-4. He suggested that while there may be several reasons for ETH ETF approval, BlackRock’s involvement may not impact the SEC’s stance. What’s going on in market? 
On the market side, Ethereum is witnessing a downturn after undergoing a remarkable Dencun upgrade. ETH price is down by almost 17% in the last 7 days. ETH price dropped from above the $4,000 level to a straight $3,200 price level.
Ethereum is trading at an average price of $3,298, at the press time. Its 24 hour trading volume is marginally up by $32 billion. The second largest crypto is holding a market cap of $395 billion.
Bitcoin prices and the cooling demand for US spot Bitcoin ETFs are now the biggest talking point in the market. Factors such as outflows from the Grayscale Bitcoin Trust and reduced subscriptions to BTC ETFs from major financial institutions are adding to this discussion.
Bitcoin price has dropped by more than 13% in the last 7 days. BTC went on to hit its new all time of over $73,500 but since then it has been on a decline. However, BTC is still up by 20% in the last 30 days.
BTC is trading at an average price of $63,498, at the press time. Its 24 hour trading volume is down by 15% to stand at $60 billion.

Will US SEC approve Ethereum ETF? Experts weigh in!

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