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Ethereum insider Steven Nerayoff has as soon as once more hit Ethereum, however this time round, it’s over the potential 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 lovers are starting to look to ETH as the subsequent doable candidate for ETF approvals. However, Nerayoff believes this is not going to occur.

Ethereum Is Not Ready For ETFs

The @WhaleChart account took to X (previously Twitter) to ask its greater than 400,000 followers which crypto they want to see get ETF approval next after Bitcoin. The choices ranged between Ethereum, Cardano, XRP, and meme cash. And naturally, the ETH choice took the lead with 43.4% of the overall votes on the time of writing.

However, Steven Nerayoff doesn’t agree that ETH would be the subsequent to get an ETF. In the response to Whale Chart, the Ethereum insider who has been within the headlines for threatening to expose the founders for fraud mentioned that Ethereum is not going to be the subsequent asset to get ETF approval.

Instead, he believes that others on the record, corresponding to Cardano and XRP, carried extra promise to be authorised 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 said.

He as soon as once more reiterates his fraud allegations towards the founders of ETH as a cause that an ETH ETF wouldn’t be coming. “We need to make sure we avoid fraud machines, like Ethereum,” the ETH insider mentioned.

ETH value reveals power towards BTC | Source: ETHUSD on Tradingview.com

Bitcoin Is The Undeniable Game-Changer

In distinction to his fixed harsh criticism of Ethereum and its founders, Nerayoff takes on a extra 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 the place Nerayoff had revealed that the SEC rejected a Bitcoin ETF. Fast ahead about six years later and the regulator would approve Spot BTC ETFs. He took the chance to replicate on the truth that “the crypto market remains as unpredictable as ever.”

Expectations of an ETH ETF stay on the excessive aspect nonetheless, with the likes of BlackRock, Valkyrie, and Fidelity already within the race for a Spot Ethereum ETF. Bloomberg analysts James Seyffart and Eric Balchunas have mentioned that they expect an ETH ETF to be approved in mid-2024.

Featured picture from Shanghaiist, chart from Tradingview.com