Insider Steven Nerayoff has attacked Ethereum again, but this time, he is targeting the prospect of introducing an ETH ETF. Since the US Securities and Exchange Commission (SEC) approved Bitcoin Spot ETFs on January 10, investors are considering Ethereum (ETH) as the next potential ETF candidate. Nerayoff, though, thinks that won’t occur.
ETFs Are Not Ready for Ethereum
Following Bitcoin, the @WhaleChart account asked its over 400,000 followers on X (formerly Twitter) which cryptocurrency they would like to see approved for ETFs next. The choices included meme coins, XRP, Cardano, and Ethereum. Of course, with 43.4% of the votes cast as of this writing, the ETH option was the clear winner.
Steven Nerayoff, though, disagrees that ETH will receive an ETF next. The Ethereum insider who has made headlines for allegedly threatening to expose the founders for fraud stated that ETH will not be the next asset to receive approval for an ETF in response to Whale Chart.
XRP and Cardano have more potential to be accepted for an ETF. The XRP and Cardano communities are more than ready, Nerayoff said, “but I can assure you that ETH won’t be the next ETF on the horizon.”
He goes over his accusations of fraud against the ETH founders again, citing why an ETH ETF is not forthcoming. The ETH insider stated, “We need to make sure we avoid fraud machines, like Ethereum.”
ETH price shows strength against BTC | Source: ETHUSD on Tradingview.com
Unquestionably, Bitcoin is a game-changer.
Nerayoff adopts a more positive stance toward Bitcoin, the company’s predecessor, in contrast to his ongoing, harsh criticism of Ethereum and its founders. The Ethereum insider claimed on X that “Bitcoin is undeniably a game-changer for humanity and revolutionizing technology” in response to the approval of the Spot Bitcoin ETFs.
This was in reaction to a 2017 tweet from Nerayoff disclosing that an ETF for Bitcoin had been turned down by the SEC. After roughly six years, the regulator would allow Spot BTC ETFs. He thought about how “the crypto market remains as unpredictable as ever” during this reflective moment.
Notwithstanding, given that companies like BlackRock, Valkyrie, and Fidelity are already competing to create a Spot Ethereum ETF, expectations for an ETH ETF are still relatively high. According to James Seyffart and Eric Balchunas of Bloomberg, they anticipate the approval of an Ethereum ETF by the middle of 2024.
