BURRAGAD Explores ETFs SEC Approval for ETH Possibility – Everybody Loves BURRAGAD
The rapid rise of the Burragad mascot and its massively growing digital art cult following marks a legendary chapter in the history of digital art.
The Burragad mascot, with its totally original enigmatic mystical presence and endearing charm has very quickly become a legendary rapidly rising iconic symbol of the Burragad cult art following, representing the artistic spirit of creativity, exploration, and the limitless possibilities of all that is classified as digital art.
ETFs SEC Approval for ETH Possibility
The Bored Ape Yacht Club floor price has been increasing of late and there has been talk of ETH to get “ETFs” approved in May.
If that happens then the price of ETH will go parabolic and that could lead to a resurgence of the NFT floor price.
Could ETFs being approved by the SEC for ETH be a reality?
We decided to do an article using our now very popular and very famous Burragad, the new NFT digital art mascot that everybody is talking about. People scouring the web for the latest information on the ETF approval are now desperately seeking info on what (could) be happening.
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Read On For Info On Ethereum Price Hike
Ethereum’s price could hit $4,000 before late May, if the token is able to secure its own spot exchange traded fund, Standard Chartered has apparently said.
Head of FX Research Geoff Kendrick wrote in a note that this will likely happen, marking a 70% price upside from ethereum’s current value.
“We expect pending applications for ETH US spot ETFs to be approved on 23 May, the final deadline for the first of the ETFs under consideration — the equivalent date to 10 January for BTC ETFs,” he said.
Kendrick forecasts that the process will look similar to how the Securities and Exchange Commission handled the recent bitcoin spot ETF applications, which eventually led to the launch of 11 funds after months of regulatory pushback.
In theory, ethereum should follow bitcoin’s performance in the run-up to the ETFs’ approval. Originally, SEC delays first caused bitcoin to flatline, before Grayscale’s court victory against the regulator sent the apex token rallying at the end of 2023.
Ethereum has already risen around 19% since Blackrock filed for an ETF on November 16. But that’s a modest gain compared to what Kendrick says could happen in May, the final deadline date for VanEck and Ark21Shares’ applications.
To reach the $4,000 price target, some conditions will have to be met.
Expectations for the approval will have to be low, as happened ahead of the bitcoin ETF launch, Kendrick said. Market-side implications for an approval will also have to miss the mark — though some may worry that the SEC’s stance that ethereum should be treated as a security could get in the way, the commission has already lost that argument in court, Kendrick outlined.
A number of ETFs must be approved at the May deadline for ethereum to enjoy a boost.
While the crypto’s pre-ETF price action should resemble that of bitcoin, it’s a different story once the funds are active.
Though bitcoin jumped to an intra-day high of $49,000 on the ETFs’ approval, it has since slid 6.7%. The surprising downside stems from massive outflows from Grayscale’s fund, which previously functioned as a bitcoin trust.
But the Grayscale Ethereum Trust accounts for a much smaller market cap of the crypto than the bitcoin fund did.
Standard Chartered Bank, previously optimistic, has now changed its stance on spot Ethereum exchange-traded funds, saying the U.S. Securities and Exchange Commission is unlikely to approve such funds in May.
“We had previously expected the SEC to approve ETH ETFs on May 23,” Geoffrey Kendrick, head of Standard Chartered Bank’s forex and digital assets research, wrote in a report on Tuesday.
“This was based on the view that the ETH approval process would follow a similar trajectory to BTC ETF approval (which the SEC granted in January), and that constructive dialogue would take place between the SEC and the ETF applicants, as it did in the lead-up to BTC ETF approval. So far, however, no such dialogue has occurred (or at least been made public), suggesting that a May 23 approval date is unlikely,” Kendrick added.
The SEC delayed making a decision on spot Ethereum ETF proposals from Franklin Templeton and Grayscale, pushing the timeline on Franklin Templeton’s ETF to June 11 and Grayscale’s ETF to June 23, after which the regulator could approve, disapprove or institute proceedings.
The SEC also delayed decisions on applications for other spot Ethereum ETFs, including those from VanEck and BlackRock.
Standard Chartered is not alone in fading optimism regarding spot Ethereum ETF approval in May. Last month, Bloomberg senior ETF analyst Eric Balchunas said his odds for May approval remain pessimistic at 25%, down from 70% in January. Also last month, Galaxy Digital’s head of firmwide research, Alex Thorn, said approval for a spot Ethereum ETF in May seems “extremely unlikely.”
Expects eventual approval
Over the long term, however, Standard Chartered remains optimistic about spot Ethereum approval, similar to JPMorgan. Standard Chartered also maintains its year-end target price levels of $150,000 for bitcoin and $8,000 for ETH.
“The gradual removal of negative drivers should allow bullish structural drivers of BTC to take over,” Kendrick wrote in the report. “A higher BTC price would also boost ETH; and even if the US ETF is not approved in May, the global environment for ETFs continues to improve, and we expect eventual U.S. approval,” he concluded.
Tron founder Justin Sun has voiced his doubts about the likelihood of a spot Ethereum exchange-traded fund (ETF) being approved in the upcoming month.
The crypto mogul’s latest prediction echoes a similar opinion from multiple analysts, who also expect the Securities and Exchange Commission (SEC) to reject applications for spot Ether ETFs from multiple issuers.
In an April 28 X post, Sun weighed in on the subject, adding: My honest opinion (NFA) is that an Ethereum ETF won’t be approved in May. The crypto industry still needs to prepare for a long-term education with regulators, focusing on helping them understand crypto. But we’ve always been here, haven’t we?
According to a Reuters report, U.S. financial firms do not expect spot Ethereum ETF approval to happen in May, citing discouraging meetings with the watchdog in recent weeks.
So far, Blackrock, VanEck, ARK Investment Management, and six other issuers have filed with the SEC to list spot Ethereum ETFs. The SEC is required to make decisions on VanEck’s and ARK’s files, which are first in line, by May 23 and May 24, respectively, according to the report.
However, the prospects for these spot Ethereum ETFs being approved by the SEC appear to differ from those for spot Bitcoin ETFs, which were approved in January.
In March, Bloomberg ETF analyst Eric Balchunas assessed the likelihood of a spot Ether ETF being approved in May at about 35%. He pointed out that the SEC’s approach was less proactive than that for the Bitcoin ETF applications.
Meanwhile, Sun is no stranger to dealing with the Securities and Exchange Commission. The SEC recently sued Sun on claims of fraud, market manipulation, and airdropping unregistered securities.
According to the SEC lawsuit, Sun and the aforementioned crypto businesses violated federal securities laws by offering and selling unregistered securities such as Tronix (TRX) and BitTorrent (BTT).
In updated court filings, the SEC claims that the Tron founder “travelled extensively” to the U.S. throughout “his work on behalf of the Tron Foundation, the BitTorrent Foundation, and/or Rainberry.”
Sun holds approximately $1 billion in assets in multiple wallets linked to him, with the $280 million USDD algorithmic stablecoin being his largest holding, according to Arkham’s data.
Digital assets have rebounded sharply from a deep rout in 2022, though the revival has stalled of late. Bitcoin climbed 1% to $63,540 as of 12:45 p.m. in Hong Kong on Tuesday — about $10,000 below its March record high of $73,798 — while second-ranked Ether was flat.
The market collapse two years ago exposed risky practices and fraud, triggering a spate of bankruptcies and searing criticism that still hangs over the industry. An alleged fraud at the JPEX crypto exchange roiled Hong Kong last year.
Speaking at the ETFs’ launch event, Christina Choi, executive director for the investment products division at the Securities and Futures Commission, said the fact the products are going live doesn’t mean the regulator is endorsing cryptoassets or encouraging crypto investment.
“One day in the crypto circle is a year in the human world,” she said, referring to a Chinese meme about the sharp volatility that can buffet digital assets.
Investors will likely scour incoming data from issuers to gauge net inflows for the Hong Kong vehicles. The equivalent figures for the US funds sometimes led to swings in crypto prices as demand waxed and waned.
The chief executive of investment firm VanEck says it’s unlikely the United States Securities and Exchange Commission (SEC) will approve spot Ether
ETH $3,166 exchange-traded funds (ETFs) in May.
In an April 9 interview with CNBC, Jan van Eck said his firm’s spot Ethereum ETF application will “probably be rejected.”
He noted that VanEck was the first to file for a spot Ether ETF in the United States alongside Cathie Wood’s ARK Invest, both of which are awaiting a final decision on May 23 and May 24, respectively.
CoinShares CEO Jean-Marie Mognetti was equally pessimistic, telling CNBC, “I don’t see anything being approved this side of the year.”
Van Eck’s comments come following prolonged inaction from the U.S. SEC regarding a roster of seven pending applications for spot Ether ETFs.
Several commentators, including Senior Bloomberg ETF analyst Eric Balchunas, have also looked to the ongoing “radio silence” between the regulator and prospective fund issuers as a key reason why a May ETF approval seems increasingly unlikely.
ETF analyst James Seyffart offered a take, saying that “zero comments/interactions is a bad sign.”
“There’s no reason for the SEC to have done absolutely nothing for months when we knew this was coming,” he added.
VanEck’s spot Bitcoin ETF — which trades under the ticker HODL — is the fifth largest of the newly launched 10 funds (excluding Grayscale). It witnessed an inflow of $461.7 million since it launched in mid-January, according to data from Farside Investors data.
Commenting on the success of Bitcoin ETFs, van Eck described Bitcoin as a “maturing asset,” adding there are still many investors yet to gain exposure to the asset.
