Standard Chartered reiterates confidence in Ethereum ETFs, predicts USD $8,000 by the end of 2024 – DiarioBitcoin

For Geoff Kendrick of Standard Chartered, now the ETFs Ethereum in cash have 80% to 90% approval by the SEC for this first round, and ratifies the goal of a ETH to USD $8,000 before the end of this year.

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• Standard Chartered He also sees it very likely that the SEC approve ETFs Ethereum cash
• They consider that the probabilities of approval for this first round of applications are around 80% – 90%
• As has happened with Bitcoin, They assume that ETFs Ethereum will attract large amounts of capital
• Therefore, they reiterate that ETH could reach USD $8,000 before the end of 2024

Due to the recent commotion surrounding Ethereum and the exchange-traded funds that emerged yesterday, the bank’s analysts Standard Chartered They consider that it is very likely that the US Securities and Exchange Commission (SEC) end up approving applications for spot digital currency-based ETFs these days.

Standard Chartered trust that ETFs Ethereum will be approved

The statements were made by the head of the currency and digital assets research area at Standard CharteredGeoff Kendrick, who stated that the chances of approval for ETFs Ethereum in cash they range from 80% to 90%, so this week the SEC would give the green light to said products.

Kendrick’s new reading also represents a change in perspective towards ETFs Ethereum in cash, since last month they anticipated that it was highly unlikely that the SEC approve the applications for this first batch.

In this regard, in a note sent to the media The BlockKendrick commented:

After approval, we estimate that spot ETFs will generate inflows of 2.39 to 9.15 million ETH in the first 12 months after approval. In US dollar terms, that’s roughly equivalent to between $15 billion and $45 billion. As a percentage of market capitalization, it is similar to our estimates to the inflows seen by Bitcoin spot ETFs, which are proving to be accurate.

Kendrick’s allegations come a day after analysts at Bloomberg, James Seyffart and Eric Balchunas changed their minds about ETFs Ethereum in cash, and raised the probability of success for these products from 25% to 75% after rumors of a change of perspective on the part of the SEC in relation to said funds.

Shortly after, sources with knowledge of the case confirmed that the SEC was soliciting ETF applicants Ethereum submit the forms 19b-4 “as soon as possible”, which would imply changes in the negotiation rules for the proposed funds. Already entities like Fidelity and Grayscale They did the same, and it is expected that during the afternoon and the next few days more entities will confirm.

ETH could reach USD $8,000

But the representative of Standard Chartered He not only spoke about the possible approval of ETFs Ethereum in cash, but also anticipated that the arrival of this product could have very positive effects on the price of the digital currency, confirming that it could reach USD $8,000 by the end of the year.

In this regard, Kendrick indicated:

Since we now see Bitcoin reaching the $150,000 level by the end of 2024, this would imply a $8,000 level for Ethereum.

The representative went a little further and also released some estimates thinking about the end of 2025. By that time he hopes that Bitcoin is over USD $200,000, while Ethereum It could be around USD $14,000 per unit.

It is not the first time that Standard Chartered projects a ETH to USD $8,000, since in reports published in March and April he anticipated that this could be the maximum that the digital currency approaches this year hand in hand with the momentum of spot ETFs. However, the reading in both cases varied in relation to when they thought these products would be approved to go on the US stock market.

For now, in the midst of the commotion that expectations for ETFs are generating Ethereum In cash, said digital currency is trading at around USD $3,729 at the time of publication, which translates into an increase of 19.1% in the last 24 hours.

Article by Angel Di Matteo / DailyBitcoin

Picture of Unsplash

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