Standard Chartered Predicts ETF Approval And $8,000 Price Target
The post Standard Chartered Predicts ETF Approval And $8,000 Price Target appeared on BitcoinEthereumNews.com.
Amid the buzz and anticipation, Standard Chartered, a British cross-border bank, has projected that Ethereum spot ETFs will likely be approved by the US Securities and Exchange Commission (SEC) this week. According to the bank, the approval of these spot ETFs could catalyze significant market inflows, with estimates ranging from $15 billion to $45 billion in the first year alone. Additionally, this anticipated influx of capital is expected to substantially boost Ethereum’s market dynamics, potentially driving its price toward the $8,000 mark by the end of 2024. Implications Of Ethereum ETFs Approval: Notably, the bullish outlook from Standard Chartered is supported by the imminent deadlines for the first round of spot Ethereum ETFs, with VanEck’s deadline on May 23 and Ark Invest/21Shares’ on May 24. Geoff Kendrick, Head of FX Research and Digital Assets Research at Standard Chartered Bank, expressed high confidence in approving these ETFs, estimating an “80% to 90%” probability. Kendrick particularly noted: After approval, we estimate that spot ETFs will drive inflows of 2.39-9.15 million ether in the first 12 months after approval. In U.S. dollar terms, that equates to roughly $15 billion to $45 billion. As a percentage of market cap, it is similar to our estimates of inflows to bitcoin ETFs, which are proving accurate. Kendrick elaborated that if the spot ETH ETFs receive approval as anticipated, Ethereum could maintain its current price ratio with Bitcoin, which is projected to reach $150,000 by the end of 2024. This projection places Ethereum at an $8,000 valuation by the end of the year. Moreover, with Standard Chartered’s forecast of Bitcoin reaching $200,000 by the end of 2025, Ethereum could also see its price rise to $14,000 over the same period, reaffirming the bank’s earlier price target in March. Bullish Market Sentiment Amid Rising ETF Approval Odds Following the…
Filed under: News - @ May 22, 2024 1:26 am