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Spot Bitcoin exchange-traded funds (ETFs) got the green light, but spot Ethereum ETFs might hit the red light. According to a Reuters report published today, sources familiar with recent talks between ETF issuers and the SEC suggest the agency is likely to reject spot Ethereum ETFs during their final review next month.

The SECs decisions on VanEcks and ARKs filings are due May 23 and May 24, respectively. Unlike the discussions preceding the SECs approval of spot Bitcoin funds, recent talks have lacked substance, with SEC staff not engaging in detailed conversations about the proposed Ethereum ETFs, according to four people reportedly involved in the meetings with the SEC.

Sources also noted that despite ETF issuers arguments that the approved spot Bitcoin ETFs and Ethereum futures-based ETFs set a precedent, the SECs silence on specific concerns suggests a likely rejection.

According to SEC records and sources familiar with the matter, the SEC has not had many meetings regarding the spot Ethereum ETF review. Of the few meetings, only one has been made public. This meeting was with Coinbase, concerning Grayscales bid to turn its Ethereum Trust into an ETF. Coinbase would act as the custodian for this ETF.

If the SEC were to reject Ethereum ETFs, applicants anticipate the reason would likely be broader issues, such as concerns about the quality and depth of market data regarding Ethereum.

Matt Hougan, Chief Investment Officer at Bitwise Asset Management, one of the spot Ethereum ETF applicants, suggests that the SEC might want more time to study the Ethereum futures market before making a decision.

The SECs approach to spot Ethereum ETF filings is sharply different from the past, where there was intensive and detailed dialogue before the SECs approval of spot bitcoin ETFs in January.

The securities agency had historically rejected spot bitcoin ETFs over concerns about market manipulation. However, they were eventually compelled to approve them following a successful court challenge by Grayscale Investments.

In their previous comments, analysts at JPMorgan suggested that if the SEC denies the spot Ethereum filings, the ETF issuers may initiate legal lawsuits against the agency, which could end up forcing the SEC to review and eventually approve the trading of these products.

Due to the currently frustrating situation, VanEck CEO Jan van Eck expressed a similar expectation of denial. In his recent interview with CNBC, he said VanEcks application and that of ARK Invest would be rejected first.

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SEC likely to reject Ethereum spot ETF applications, insiders say - Crypto Briefing

The US Securities and Exchange Commission (SEC) is expected to deny Spot Ethereum ETF approval next month, according to insiders. Indeed, a report from Reuters notes that the ongoing meetings between issuers and the SEC have dampened expectations, with rejection likely in May.

The report fortifies industry-wide expectations of Ether ETF rejections next month. That was first forecasted by Standard Chartered, and corroborated by insider testimony. However, the description of the ongoing meetings regarding the investment offering leaves little optimism of an impending approval.

JUST IN: SEC expected to deny spot Ethereum ETFs next month, Reuters reports.

Also Read: Hong Kong Bitcoin & Ethereum ETFs to Begin Trading April 30th

Since the arrival of Spot Bitcoin ETFs at the start of the year, the market has awaited what assets could be next. The positive impact that BTC offerings have had on the market as a whole has led many to opine about what another ETF could mean for furthering the industry.

However, such an approval has seemingly reached a critical point. According to a report today, Ethereum ETF approval is increasingly doubtful as noted by insiders with knowledge of the ongoing meetings. Specifically, they have assured that an approval is not to take place in the coming month.

Also Read: Ethereum ETFs To Face Rejection By May, VanEck CEO Claims

However, that is all the more disheartening by the reports of discussion in meetings between the SEC and issuers. The report describes those meetings as one-sided with the agency not discussing substantive details about the proposed product.

Those developments greatly contradict what took place before Bitcoins Spot ETF approval. The meetings in the lead-up to that decision featured intensive and detailed discussions between both sides. Subseuqnlety, it showed the seriousness of the SEC in finally reversing its position on the investment offering.

The positive taking place for an Ethereum ETF signals a far gap between the SECs willingness and issuers desire. Subseuqnlety, a plethora of issers have already re-filled applications amid yet another delay from the agency. These ongoing discussions should continue to describe the timeline of when an Ether ETF could see approval.

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SEC Expected to Deny Spot Ethereum ETF Next Month - Watcher Guru

Key Takeaways

The memecoin sector has been the best performing one in 2024, leaving behind other promising sectors such as gaming and AI tokens. In the previous bullish cycle, the dominant memecoins were part of the Ethereum ecosystem. In the current one, Solana memecoins are attempting to take Ethereums throne.

Specifically analyzing Ethereum memecoins, it seems that newer creations such as FLOKI and PEPE are the ones leading the charge, leaving more established ones such as DOGE and SHIB behind. Is this trend true, and if so, will it continue for the rest of 2024? Regarding FLOKI and PEPE, which will be the one at the forefront of this increase?

The daily time frame chart shows that PEPE has fallen inside a descending parallel channel since its high of $0.0000108 on March 14. The decrease led to a low of $0.0000039 on April 13.

The fact that the decrease was perfectly inside the channel suggests the decrease is part of an A-B-C corrective structure (black). In the bigger picture, the wave count suggests it marked wave four in a five-wave upward movement (white).

The PEPE price has increased significantly since its bottom (green icon). PEPE broke out from the channel yesterday and now attempts to validate it as support (green circle).

The most likely target for the top of the increase is between $0.0000150-$0.0000175. The target is found by the 1.61 external Fibonacci retracement of wave four (black) and by giving wave five the same length as waves one and three combined (white).

The FLOKI price action and wave count is almost a carbon copy of PEPE. FLOKI has completed an A-B-C correction since March 14, in what is likely wave four (white). Currently, FLOKI attempts to break out from its own descending parallel channel (red icon). Doing so will confirm wave five is underway.

The main difference between the price movement of the two is that while PEPE has already broken out from its channel, FLOKI still attempts to do so. In context of their future movement, this could cause PEPE to be the one to take the reins and reach a new yearly high first.

If the price breaks out, a likely target for the top of the upward movement is at $0.00043. The 1.61 external Fibonacci retracement of wave four creates the target. If reached, it will mark a new yearly high.

Previously, we noted that in the current memecoin bullish cycle, FLOKI and PEPE are replacing DOGE and SHIB as the dominant memecoinsdespite their smaller market caps. This holds true when analyzing the movement in 2024.

Since the start of the year, PEPE (orange) has increased by 420% while FLOKI (red) by 400%. In contrast, SHIB (white) and DOGE (blue) have increased by 133% and 63%, respectively.

While the shape of the movement has been nearly identical, the magnitude of the PEPE & FLOKI increases is much larger. Additionally, the new memecoins have been the first to move, followed by SHIB & DOGE.

The trend has held even in the short-term recovery. All four memecoins reached a bottom in 2024, but they have recovered at a very different rate. PEPE has increased by 55% since the low, followed by FLOKI at 46%.

On the other hand, SHIB has increased by 23%, while DOGE by only 5%.

So, the performance of the four Ethereum memecoins confirms that FLOKI and PEPE have replaced SHIB and DOGE as the dominant memecoins this cycle. This holds true when analyzing the performance in 2024 and the recovery from the recent dip.

The notable PEPE and FLOKI price increases in both the entirety of 2024 and since April 14 suggest they are the two memecoins leading the Ethereum ecosystem. Their prices are both primed to continue their increase and reach new yearly highs in May. Due to the breakout from its channel, PEPE is more likely to do so first.

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PEPE and FLOKI 50% Price Bounce: Top Ethereum Memecoins? - CCN.com

Ethereum (ETH) price opened trading at $3,140 on April 25, as the pioneer smart-contract network begins to show early signs of an imminent recovery phase. On-chain data trends show ETH investors reaction to the Bitcoin halving could be pivotal to the next rally.

Is Ethereum price on the verge of revisiting $3,500?

The Bitcoin network executed its 4th Halving on April 20, sparking wild volatility across the global crypto markets as investors move to front-run potential gains from the landmark event.

Since the Bitcoin halving, Ethereum price has struggled for momentum amid falling market liquidity and skittish sentiment among short-term swing traders. But curiously, on-chain data trends show that Ethereum node validators have taken on a more positive outlook.

The chart below shows official data on the real-time changes in the number of ETH coins deposited in the Ethereum Proof-of-Stake (PoS) Beacon Chain smart contracts.

On the Bitcoin halving day on April 20, the total staking deposits on the Ethereum Beacon chain stood at 31.6 million ETH. Interestingly, investors have since staked an additional 300,000 ETH, bringing the total stake to 31.9 million ETH at the time of writing on April 25.

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Like every PoS network, increasing number of staked coins enhances the security of the Ethereum network. But more importantly, it reduces the short-term market supply. During a period of slow market demand, this could be critical in slowing down the sell-side pressure.

Valued at the current prices, it implies that Ethereum have staked coins worth over $620 million within 5-days of the Bitcoin Halving. Evidently, this has played a pivotal role in helping ETH price defend the $3,000 support level in the last few days.

Albeit temporarily, node validators pulling $620 million ETH from the immediate market supply puts Ethereum price on course to consolidate above $3,000 as the bulls plot the next attempt at the $3,500.

However, to reclaim $3,500, IntoTheBlocks In/Out of the Money chart below shows that ETH must first scale the looming sell-wall at the $3,250 territory.

As illustrated above, 2.1 million addresses had acquired 4.58 million ETH at an average price of $3,236. If they opt to exit at their break-even point, the ETH price could experience intense headwinds and struggle to break above $3,250 in the near term.

If the Ethereum stakers keep depositing more coins into the Beacon chain, bulls could capitalize on the thinning market supply to stage a decisive breakout above $3,500.

However, in the event of a bearish reversal, ETH could tumble as low as $2,918 before finding a formidable support cluster.

Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basics opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.

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Ethereum Price Targets $3,500 as Investors stake $620M after Bitcoin Halving - The Crypto Basic

Two titans in the blockchain industry NAGA and Ontology have just teamed up to change the way the world does business. Heres everything you need to know.

In an exciting announcement, two major players in the cryptocurrency space NAGA and Ontology have formed a long-term strategic partnership in an effort to effect significant and powerful change in the way business is conducted. Together, the two projects aim to bring high-performance public blockchains to the gigantic financial-technology (fintech) market, along with a series of complete distributed ledgers and smart contract systems.

Disclosure: This is a Sponsored Article

NAGA is diverse yet unified cryptocurrency ecosystem which offers the worlds first crypto-gateway to trade any sort of financial instrument and virtual good in a secure and transparent way. Ontology, on the other hand, is a new high-performance public blockchain and distributed trust collaboration platform.

Together, the two blockchain titans will explore application development, outreach, incubation, and the building of a new generation of public blockchain infrastructure and distributed trust ecosystems with the intention of supporting real business applications and scenarios. NAGA Founder and Executive Director Yasin Sebastian Qureshi stated:

We think that this partnership can really change the way crypto companies act and execute their promises. Our and Ontologys precision and hard-working ethos will help us to not only deliver products ahead of the roadmap, but to also make them more reliable and more valuable for the whole community.

NAGA Founder and Executive Director Benjamin Bilski also added:

We are super excited about the Ontology project and we are eager to announce new developments in cooperation with the platform. We believe that it will help to boost and grow our business exponentially.

Likewise, Ontology Founder Jun Li also expressed his excitement over the strategic partnership, stating:

We are happy to welcome NAGA to build up the application ecosystem through wielding Ontologys next-generation public chain infrastructure [] We feel confident that together we can open up the international market, expand the Ontology ecosystem, and advance global blockchain development.

It is hard to overstate just how large of an announcement this partnership is, as two massive projects with the scope and vision of NAGA and Ontology rarely form such strategic partnerships.

NAGA currently has a number of big projects in operation, including its NAGA WALLET, NAGA TRADER, NAGA CARD, NAGA COIN (NGC) and several others. The ecosystem is already one of the largest and most fully-realized in the cryptocurrency space, and the addition of Ontologys power will only further solidify its already more-than-solid project.

The match is also a logical one, and far more than a mere PR stunt.

At the heart of NAGA is the aim to provide financial inclusion to individuals all over the world, while also providing the best products the industry has to offer. Likewise, Ontology is firmly focused on trust, identity, data exchange, and authorization, with its sights firmly set on the insurance industry, governments, and the medical sphere. The broad scope of Ontologys project makes it the perfect fit for NAGAs ecosystem, as it provides even more efficiency and trust.

What do you think about the strategic partnership between NAGA and Ontology? Be sure to let us know in the comments below!

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Ethereum Faces Resistance Amidst Market Gains: Justin Sun's Activity And ETF Launch Awaited - The Merkle News