Ethereum insider Steven Nerayoff has once again hit Ethereum, but this time around, it is over the possibility of an ETH ETF being launched. After Bitcoin Spot ETFs gained approval from the United States Securities and Exchange Commission (SEC) on January 10, crypto enthusiasts are beginning to look to ETH as the next possible candidate for ETF approvals. However, Nerayoff believes this will not happen.
Ethereum Is Not Ready For ETFs
The @WhaleChart account took to X (formerly Twitter) to ask its more than 400,000 followers which crypto they would like to see get ETF approval next after Bitcoin. The options ranged between Ethereum, Cardano, XRP, and meme coins. And naturally, the ETH option took the lead with 43.4% of the total votes at the time of writing.
However, Steven Nerayoff does not agree that ETH will be the next to get an ETF. In the response to Whale Chart, the Ethereum insider who has been in the headlines for threatening to expose the founders for fraud said that Ethereum will not be the next asset to get ETF approval.
Instead, he believes that others on the list, such as Cardano and XRP, carried more promise to be approved for an ETF. “While I can assure you that Ethereum won’t be the next ETF on the horizon, I’m confident that the XRP and Cardano communities are more than prepared,” Nerayoff stated.
He once again reiterates his fraud allegations against the founders of ETH as a reason that an ETH ETF would not be coming. “We need to make sure we avoid fraud machines, like Ethereum,” the ETH insider said.
ETH price shows strength against BTC | Source: ETHUSD on Tradingview.com
Bitcoin Is The Undeniable Game-Changer
In contrast to his constant harsh criticism of Ethereum and its founders, Nerayoff takes on a more favorable view of its predecessor, Bitcoin. Following the approval of the Spot Bitcoin ETFs, the Ethereum insider took to X to say that “Bitcoin is undeniably a game-changer for humanity and revolutionizing technology.”
This was in response to a tweet from 2017 where Nerayoff had revealed that the SEC rejected a Bitcoin ETF. Fast forward about six years later and the regulator would approve Spot BTC ETFs. He took the opportunity to reflect on the fact that “the crypto market remains as unpredictable as ever.”
Expectations of an ETH ETF remain on the high side nonetheless, with the likes of BlackRock, Valkyrie, and Fidelity already in the race for a Spot Ethereum ETF. Bloomberg analysts James Seyffart and Eric Balchunas have said that they expect an ETH ETF to be approved in mid-2024.
Featured image from Shanghaiist, chart from Tradingview.com
