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SEC Nears May 23 Decision on VanEck's Ethereum ETF as Bitcoin ETFs See Massive Inflows
May 20, 2024, 11:14 AM
The U.S. Securities and Exchange Commission (SEC) is approaching a crucial deadline to approve or deny VanEck's spot Ethereum (ETH) ETF by May 23, 2024. Coinbase estimates a 30-40% chance of approval, while prediction markets suggest much lower odds. Meanwhile, Bitcoin ETFs have seen significant inflows, with $37 billion invested over four months and nearly $1 billion in net weekly inflows recently. BlackRock's Bitcoin ETF alone has attracted 414 institutional holders and absorbed 276,190 BTC, described as 'mind-boggling' by analysts. Additionally, Grayscale’s Bitcoin ETF has turned positive for the first time ever. The SEC's decision on the Ethereum ETF is highly anticipated, with potential market volatility expected regardless of the outcome.
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