The cryptocurrency realm braces for a seismic shift this week The Big Day. What are the prognostications regarding price fluctuations?
Savants predict heightened volatility for Ethereum ahead of the imminent deadlines for spot ETF submissions.
the big day May 23
Cobo’s Chief Operating Officer, Lily King, cautioned about escalated volatility and prudent market conduct amid trader uncertainties. “We foresee increased turbulence and a circumspect market as the decision on spot ETH ETF filings looms this week,” King articulated.
Echoing King’s sentiments, Presto’s analyst Peter Chung noted in a Monday report, “Approval or denial, we anticipate a surge in ETH volatility as the big day May 23 cutoff nears.”
The inaugural series of spot ETH ETF deadlines approaches, with VanEck’s on The Big Day May 23 and Ark Invest/21Shares’ on May 24.
Nonetheless, the consensus among analysts leans towards the SEC rebuffing the spot Ethereum ETF propositions. Polymarket assessed the likelihood of approval at a mere 14%. Market signals suggest traders are predominantly expecting a “dismissal and non-event,” as per a report from QCP Capital released today.
However, the QCP Capital analysis highlighted that an unexpected endorsement of spot ETH ETFs this week could surprise the market. “Such a scenario would incite a short squeeze, propelling ETH back to its recent zeniths,” QCP Capital analysts conveyed.
Experts further posited that, given Ethereum’s dual utility as both a value reserve and a foundational Layer 1 blockchain, its approval could precipitate Ethereum outperforming Bitcoin in price trajectory.