Legendary Crypto Analyst Say Ethereum ETF Is Not Going To Be Approve In May, August Deadlines in Doubt?

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Renowned crypto analyst Michaël van de Poppe has weighed in on the likelihood of an Ethereum Exchange-Traded Fund (ETF) approval in May, suggesting that approval is unlikely to be approved in May as the deadline nears for three prominent contenders out of seven who filed for an Ethereum Spot ETF.

ETH ETF Isn’t Going To Approve

In a recent tweet, analyst Michaël van de Poppe points out the upcoming deadline for Ethereum Spot ETF contenders like VanEck, Ark 21 Shares, and Hashdex Nasdaq. Van de Poppe suggests that an Ethereum ETF approval is unlikely to happen in the month of May.

The #Ethereum ETF is likely not going to be approved in May.

However, the markets are undervaluing a potential approval in August, as Ethereum is still getting sold off.

I think the chances of an approval in August is positive, through which I expect Ethereum to outperform. pic.twitter.com/9LzLFyz05N

— Michaël van de Poppe (@CryptoMichNL) May 3, 2024

However, analyst doesn’t expect the SEC to deny ETH ETFs by going nuclear and calling them security, as it would invite a flood of lawsuits. Instead, he expects the regulator will come up with an excuse to delay the ETH ETF approval in may. 

Despite the current market sentiment and Ethereum being sold off, van de Poppe believes that the market is overlooking the potential for approval in August. He believe that the chances of approval in August are positive, anticipating Ethereum to outperform as a result.

MicroStrategy Harsh Take On Ethereum ETF

However, Michaël van de Poppe isn’t the only person who believe that Ethereum ETF is unlikely to be approve soon, meanwhile, MicroStrategy executive CEO Michael Saylor suggest that it won’t going to be approve ever. 

#Bitcoin – There is No Second Best pic.twitter.com/PLDgwGwF9J

— Michael Saylor (@saylor) May 2, 2024

Meanwhile Saylor took a bit harsh stance towards the approval of ETH ETF predicting that the SEC will classify Ethereum as a security this summer and reject related spot ETF applications, including those from asset managers like BlackRock.

During a presentation at the MicroStrategy World 2024 conference on May 2, Saylor shared these predictions in a social media post. He also forecasted that other cryptocurrencies “down the stack,” such as BNB, Solana (SOL), XRP, and Cardano (ADA), will receive unregistered security designations.