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If THIS Happens by May 28, It Will Be MUCH BIGGER Than an Ethereum ETF!

Author

Markus Thielen
May 21, 2024

👇1-12) 10x Research’s primary analysis generally focuses on our understanding that crypto is not random. Events, data points, and announcements can be influential drivers of prices. It all started with a curious development on May 8, 2024. Grayscale withdrew their 19b-4 filing for an Ethereum futures ETF. If approved, which was likely as Ethereum futures ETF approved and listed, it might have paved the way for Grayscale to file a lawsuit against the SEC, just as they did in 2023.

👇2-12) But that Grayscale would sue the SEC and lose again billions of dollars in outflows from their ETH ETN was unlikely. Reporters and analysts didn’t know what to make of this, and the expectation that the SEC would approve an ETF was sub-10% for this week as the May 23 SEC deadline came closer. The derivatives markets expected only a 4% move from Ether this week.

👇3-12) On the same day, May 8, the US House of Representatives voted in favour of a resolution opposing the SEC's crypto accounting policy, which deterred banks from handling crypto customers. According to the SEC's proposal, a bank holding a customer's digital tokens (custody) should do so on its balance sheet, potentially incurring massive capital expenses.

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