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- Polymarket’s Ethereum ETF acceptance odds has dropped to below 25%.
- Vijay Boyapati predicts that the rejection of ETH ETF in May could be beneficial to BTC.
Overall, the market seems to be leaning towards a US location. Ethereum [ETH] Rejection of ETF application in May
The prediction market platform is a great way to get a sense of the future. PolymarketETH ETF approval for May has dropped by 68%, and the odds were at 24% at time of press.
Bloomberg ETF analysts Eric Balchunas, James Seyffart correctly predicted US spot Bitcoin [BTC] ETF’s approval has echoed Polymarket’s sentiment.
Recent studies have shown that the number of people who are able to speak English is increasing. Post by Seyffart, on X highlighted SEC “silence”, “no feedback”, and recent ETH ETF submissions as “violence” against clients.
I was blown away when Eric said, “Silence is Violence”, on a call with a client last week regarding the #ethereum exchange-traded funds.
Seyffart had reacted to Balchunas’ statement that SEC didn’t give “critical feedback” during meetings in person. The odds of May’s approval are still very low.
BTC to benefit from Ethereum ETF rejection in May?
Vijay Boyapati is a commentator, author and “The Bullish Case for Bitcoin” and has been a Bitcoin enthusiast for many years. You can claim your right to claim that,
Once the Ethereum ETFs have been rejected, all the money that has poured into ETH due to ETF hoium will be redirected back into Bitcoin.
Boyapati’s predictions will not come true if ETH’s market dominance continues to grow at the same rate as BTC.
The following is a list of CoinMarketCapBTC’s dominance on the market was 52.4% as of the date this article was written, due mainly to the strong ETF flow in the last three months. ETH’s dominance on the market was 16.5%.
If Boyapati’s hypothesis is confirmed, ETH’s market dominance may fall below 15% or 16% as the market adjusts to the rejection of ETH ETF in May. The capital rotation may induce BTC to gain momentum.
ETH, meanwhile, was trading above a critical weekly order block (3.200-3.5000). The price was consolidating near the local Q1 2022 top. If the price drops below 3.2K, bears could take over.