jakiro
At around 5 a.m. Beijing time on May 24, the U.S. Securities Regulatory Commission (SEC) approved key regulatory documents related to spot Ethereum exchange-traded funds.
This marks a milestone step in the passage of Ethereum spot ETFs.
Next, for Ethereum spot ETF to conduct formal transactions on the exchange, the SEC also needs to approve the registration documents of the ETF before investors can trade.However, this step of approval is basically just a matter of time.
I remember that I was pessimistic in my article some time ago, believing that the passage of Ethereum spot ETFs may have to wait until next year if Trump is elected.
This 180-degree turn is really overwhelming.
We know that the current SEC chairman’s attitude towards crypto assets has been relatively negative in the past or two years.Regarding Ethereum, he repeatedly questioned the conflict between its token issuance, especially its staking income, and the Howie Test.
Even when faced with explanations like “Ethereum staking is for maintaining network security rather than pure commercial profit”, he basically did not give a positive response.
Therefore, I have always believed that as long as he is in office, I am afraid that the hope of Ethereum spot ETFs will be passed is very slim.
Why has the SEC changed its attitude towards Ethereum so quickly recently?
After thinking about it, I can only think that this is mainly due to political pressure?
Facing the upcoming presidential election, Trump has publicly expressed his support for crypto assets and has also publicly accepted donations from crypto assets on his website.
This move has aroused a lot of favor among young Americans.
Facing this pressure, perhaps in order to attract more young people to pay attention to the Democratic Party, the SEC had to take a 180-degree turn on the attitude of Ethereum spot ETF?
In addition, the entanglement and collusion between Wall Street and the SEC may also play a significant role in it.
These institutions’ strong interest in Ethereum spot ETFs is no longer needed.They have been making all kinds of efforts to pass this ETF, and BlackRock has repeatedly expressed its determination to vigorously plan the crypto ecosystem in public.
In order to eliminate the current chairman’s concerns about Ethereum staking, these institutions even promised not to staking Ethereum in the documents submitted this time.
Now, all these efforts are rewarded.
I have listed three important factors for the possible performance of Ethereum currency price in the next bull market:
Can an innovative application ecosystem explode in the Ethereum ecosystem?
Can the Ethereum spot ETF be passed?
Will the Fed cut interest rates?
The first factor is the internal factor that determines whether the Ethereum currency price can explode.We cannot predict this point, and we can only continue to track and observe all possible new signs and new signs in the ecology.
The second and third factors are external factors that determine whether the Ethereum currency price can explode.The second element is whether external factors can work, and the third element is whether external factors can work.
Now the external factor switch has been completely turned on.
What is the fuse of external causes?It depends on how the data performs.If the U.S. inflation and employment data continue to improve in the future, interest rate cuts may occur in the second half of the year, and the fuse will be ignited.
In the next bull market, if interest rate cuts can occur, there is still hope that Ethereum’s currency price will reach US$10,000.If the Ethereum ecosystem can also explode with an innovative application ecosystem, then the currency price is completely possible to create a greater miracle.
