- Ethereum ETF approval odds have dropped under 25% in Polymarket.
- Vijay Boyapati forecasts ETH ETF Might rejection may gain advantage BTC.
The general market is leaning towards a potential 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% probability at press time.
Bloomberg ETF analysts Eric Balchunas and James Seyffart, who appropriately predicted the US spot Bitcoin [BTC] ETF approval, have echoed Polymarket’s sentiment.
In a current post on X, Seyffart highlighted SEC’s “silence” and “no suggestions” to current ETH ETF filings as “violence” to purchasers.
“Eric mentioned “Silence is Violence” on a consumer name final week regarding the #ethereum ETFs and I cherished it.”
Seyffart was reacting to Balchunas’ assertion that SEC wasn’t giving “essential suggestions” even throughout in-person conferences. This meant that odds for Might approval have been nonetheless low.
Will BTC profit from Ethereum ETF Might rejection?
With Might quick approaching and approval odds seeming elusive, Vijay Boyapati, commentator and creator of “The Bullish Case for Bitcoin,” claimed that,
“All the recent 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 as a consequence of sturdy ETF flows prior to now three months. ETH’s market dominance stood at 16.5%.
Ought to Boyapati’s thesis be confirmed, ETH market dominance might slip under 16% or 15% because the market re-adjusts to ETH ETF rejection in Might. If that’s the case, the capital rotation might 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 high. A stoop under 3.2K might trigger bears to overwhelm the market, particularly if ETH ETF purposes are rejected.