Spot Ether ETF decision imminent, causing anxiety and division among crypto insiders.

Anticipation is building as the United States Securities and Exchange Commission (SEC) approaches its decision on spot Ether exchange-traded funds (ETFs). Lucas Kiely, chief investment officer of digital wealth platform Yield App, advised investors to proceed with caution despite the recent unexpected 20% rise in the price of Ether. Kiely emphasized that the SEC’s decision on ETH spot ETFs could go either way and even if approved, a short-term pullback, similar to what happened with spot BTC ETFs, is likely. Jeff Owens, co-founder of blockchain Haven1, echoed this sentiment, highlighting the significant consequences that the SEC’s approval of a spot ETH ETF could have on the altcoin sector. Owens stated that altcoins, particularly those built on the Ethereum Virtual Machine, would experience a rally. Geoffrey Kendrick, head of FX research at Standard Chartered Bank, provided an even more optimistic forecast, suggesting that the approval of spot Ether ETFs could result in flows ranging from $15 billion to $45 billion. However, as the deadline approaches, major cryptocurrencies have become more volatile. Owens warned of a potential significant price correction if the SEC rejects the ETFs and cautioned about a “sell the news” event in the short term, even if they are approved.