The Darkness Before Dawn Can the Approval of Ethereum ETF Reignite the Market

ETH
After falling to a low of 3325 yesterday, Bitcoin quickly rebounded to the 3420 resistance area but failed to break through. This indicates that the downward trend has not changed, and “short-selling rebound” remains the main strategy. In the short term, the downward targets I give are still TP1: 3280 area, TP2: 3140 area.


ETF Boost for Ethereum
ETH may receive approval from the U.S. Securities and Exchange Commission (SEC) on July 4th, and the cryptocurrency industry is eagerly anticipating the first appearance of an Ethereum Exchange-Traded Fund (ETF). The SEC may approve a spot Ethereum ETF as early as July 4th.
This development comes after discussions among regulators, asset management firms, industry insiders, and other stakeholders. SEC Chairman Gary Gensler has expressed confidence in the approval process for a spot Ethereum ETF and noted that asset management firms are currently under pressure.
Asset management companies must provide complete disclosures in order for their registration statements to be effective. While there is still work to be done, Gensler has indicated that everything is progressing smoothly. Recently, executives of the companies awaiting approval revealed that the filing process only needs to address some “minor” issues. However, the ETF cannot be launched unless these filings are authorized.
How many asset management companies are seeking approval from the U.S. Securities and Exchange Commission (SEC)? Currently, eight asset management companies are awaiting SEC approval for a spot Ethereum ETF. These companies include BlackRock, VanEck, Franklin Templeton, Fidelity, ARK 21Shares, Invesco, Bitwise, and Grayscale Investments.


After three months of continuous fluctuations, the market’s negative sentiment has reached its peak. Currently, there are almost no new narratives in the market, and the only hope is pinned on the approval of an Ethereum ETF. If this approval is granted, I believe it will help reverse the market’s decline and potentially re-enter a period of positive growth.
Darkness Before Dawn?
In the upcoming month of July, although the overall market may see a rebound, the magnitude is not expected to be significant. If a rebound does occur and stabilizes around 66000, it will be a good opportunity for altcoins to seize a small market opportunity.
We can take advantage of this by engaging in some short-term operations to capture these brief but powerful profit opportunities. As the U.S. presidential election approaches in October, the market may be affected. Even if there is no interest rate cut in September, considering the economic situation after the election, a rate cut in November is almost inevitable.
By that time, as the rate cut and the U.S. election are realized, various uncertainties will gradually be eliminated. Therefore, we should view the current decline as an opportunity, as there will be more suitable price chips to choose from. The approval of a spot Bitcoin ETF will bring in a large amount of funds, and with the gradual emergence of the anti-globalization trend, Bitcoin may become another international settlement system in addition to gold. Therefore, from an overall perspective, there is no need to panic.