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Bracing for denial? ETH’s relative value to BTC has been walloped throughout the month of May. Why can’t Ether catch a bid, and what impact could the looming spot ETH ETF final decision next week have on your bags?
The likelihood of the Securities and Exchange Commission (SEC) approving a spot ETH ETF by the end of May has doubled from last week, rising from 7% to 14%, but this probability has steadily declined throughout 2024 and remains at dismal levels compared to the peak of 76% seen at the beginning of the year.
Prediction market speculators were emboldened by news last Friday that Ark Invest had removed staking from its spot ETH ETF application, seemingly suggesting that approval of non-staking applications is imminent, yet participants in more liquid spot markets appear to be operating on the assumption that this announcement was a nothing burger.
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