SEC's Decision on Ethereum ETF Applications May Not Impact ETH Price Significantly

According to CryptoPotato, the United States Securities and Exchange Commission (SEC) approved nearly a dozen spot Bitcoin ETFs at the start of 2024, which had a significant impact on BTC's price. With existing exchange-traded funds tracking the performance of at least one cryptocurrency, the community is now speculating on the possibility of a follow-up, particularly with ETH. Companies such as BlackRock and Fidelity have submitted applications for products tracking the performance of the second-largest digital asset, but the SEC continues to delay its decision on these filings. As the SEC delays persist, industry experts have started questioning the agency's motives and comparing its actions to the numerous BTC application rejections in the past decade. This has led to a decrease in optimism surrounding the ETH ETF applications, despite previous predictions that the Commission would approve all filings in May 2024. Recent analyses suggest that the SEC may reject all spot Ethereum ETF applications with due dates in May. To gauge the potential impact of the SEC's decision on ETH's price, CryptoPotato consulted Perplexity, a popular ChatGPT alternative. The AI chatbot believes that the agency's decision, whether approval or rejection, may not have a significant impact on ETH's price in the short term. This theory is supported by the fact that Bitcoin became immune to the SEC's actions after numerous rejections. However, the Ethereum case is different, as the asset does not have a long history with the regulator. Additionally, when the Commission approved all Bitcoin ETFs, BTC's price experienced a massive rollercoaster in the following weeks, with demand and inflows increasing alongside the price.

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