- Ethereum ETF approval odds have dropped beneath 25% in Polymarket.
- Vijay Boyapati forecasts ETH ETF Might rejection may benefit BTC.
The general market is leaning towards a attainable US spot Ethereum [ETH] ETF purposes rejection in Might.
In line with the prediction markets platform, Polymarket, the bets for ETH ETF Might approval have dropped 68% and stood at a 24% likelihood at press time.
Bloomberg ETF analysts Eric Balchunas and James Seyffart, who accurately predicted the US spot Bitcoin [BTC] ETF approval, have echoed Polymarket’s sentiment.
In a latest post on X, Seyffart highlighted SEC’s “silence” and “no suggestions” to latest ETH ETF filings as “violence” to shoppers.
“Eric mentioned “Silence is Violence” on a consumer name final week regarding the #ethereum ETFs and I beloved it.”
Seyffart was reacting to Balchunas’ assertion that SEC wasn’t giving “important suggestions” even throughout in-person conferences. This meant that odds for Might approval had been nonetheless low.
Will BTC profit from Ethereum ETF Might rejection?
With Might quick approaching and approval odds seeming elusive, Vijay Boyapati, commentator and writer of “The Bullish Case for Bitcoin,” claimed that,
“All the new cash that flowed into ETH due to ETF hopium goes to return into Bitcoin as soon as the Ethereum ETFs are all rejected.”
For Boyapati’s prediction to occur, ETH market dominance might want to drop significantly as BTC’s surge.
In line with CoinMarketCap, BTC’s market dominance was 52.4% on the time of writing, primarily resulting from robust ETF flows up to now three months. ETH’s market dominance stood at 16.5%.
Ought to Boyapati’s thesis be confirmed, ETH market dominance may slip beneath 16% or 15% because the market re-adjusts to ETH ETF rejection in Might. If that’s the case, the capital rotation may induce BTC momentum.
Within the meantime, ETH was above a vital weekly bearish order block (3.2K—3.5K). It was consolidating across the Q1 2022 native prime. A hunch beneath 3.2K may trigger bears to overwhelm the market, particularly if ETH ETF purposes are rejected.