Standard Chartered expects Ethereum ETF to be approved, reiterating ETH's year-end target of $8,000

ChainCatcher news, Standard Chartered Bank expects the U.S. Securities and Exchange Commission to approve the Ethereum ETF this week. The deadline for the first round of spot Ethereum ETF applications is approaching, with VanEck's application resolution deadline on May 23 and Ark Invest/21Shares' deadline on May 24.

Geoff Kendrick, Head of Foreign Exchange Research and Digital Assets Research at Standard Chartered Bank, stated that if the ETF is approved, it is expected that 2.39 to 9.15 million ETH will enter the market in the first 12 months, equivalent to approximately $15 billion to $45 billion.

Kendrick noted that this would be similar to the inflow of funds for Bitcoin ETFs. Furthermore, if the Ethereum ETF is approved this week, it is expected that Ethereum will maintain its price ratio with Bitcoin and reach $8,000 by the end of 2024.