Ethereum holds above $3,500 as applicants weigh on possible ETF approval

Bitcoin ETFs may overwhelm Ethereum ETFs if they are approved in May, Bitwise CIO Matt Hougan says. Ethereum ETF delay may not imply rejection from the SEC. Ethereum may see a decline if Bitcoin fails to recover Ethereum’s prices loses some ground on Monday, paring back some of the gains seen during the weekend, as traders continue to speculate over the possibility of an approval of the spot Ether ETF in May.

Amid the delay, the SEC has also issued subpoenas to three firms that transacted with the Ethereum Foundation, according to a Fortune report, in a bid to classify Ethereum as a security. While many have expressed concerns that such classification would hurt the chances of an Ethereum ETF, BlackRock CEO Larry Fink said in an interview with Fox Business that a spot ETH ETF can still be possible even if the underlying asset is designated a security.

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