Ethereum insider Steven Nerayoff has once again slammed Ethereum, but this time the possibility of launching an ETH ETF has been scrapped. After the Bitcoin spot ETF received approval from the U.S. Securities and Exchange Commission (SEC) on January 10, cryptocurrency enthusiasts began eyeing ETH as the next candidate for ETF approval. But Nerayoff believes this will not happen.
Ethereum is not ready for ETFs
The @WhaleChart account asked its more than 400,000 followers via X (formerly Twitter) which cryptocurrency they would like to see receive ETF approval next to Bitcoin. Options varied between Ethereum, Cardano, XRP and meme coins. And, not surprisingly, ETH options are leading with 43.4% of total votes as of this writing.
However, Steven Nerayoff disagrees that ETH will be the next ETF. In a response to Whale Chart, an Ethereum insider who made headlines by threatening to expose the founder for fraud said Ethereum will not be the next asset to receive ETF approval.
Instead, he believes other companies on the list, such as Cardano and XRP, are more likely to receive ETF approval. “I am confident that Ethereum will not be the next ETF, but I am confident that the XRP and Cardano communities are ready,” Nerayoff said.
He once again repeated his fraud accusations against ETH founders, saying that there would never be an ETH ETF. “We need to avoid scam machines like Ethereum,” said an ETH insider.
ETH price shows strength against BTC | Source: ETHUSD on Tradingview.com
Bitcoin is an undeniable game changer
Contrary to his constant harsh criticism of Ethereum and its founders, Nerayoff takes a more favorable view of its predecessor, Bitcoin. After the Spot Bitcoin ETF approval, an Ethereum insider said via
This was in response to a 2017 tweet in which Nerayoff revealed that the SEC had rejected a Bitcoin ETF. In about six years, regulators will approve the Spot BTC ETF. He took the opportunity to reflect on the fact that “the cryptocurrency market remains unpredictable.”
Nevertheless, expectations for the ETH ETF are still high, with BlackRock, Valkyrie, Fidelity, etc. already participating in the Spot Ethereum ETF competition. Bloomberg analysts James Seyffart and Eric Balchunas said they expect the ETH ETF to be approved in mid-2024.
Featured image from Shanghaiist, chart from Tradingview.com