QCP Capital released the latest market analysis, the key points are as follows:
-The SEC's decision deadline for the first batch of Ethereum spot ETF applications will arrive this week:
May 23: VanEck;
May 24: Ark Invest/21Shares;
-Last Friday, the ETH/BTC exchange rate reached its lowest point since February 2021, coupled with low interest in the options market, suggesting that the market expects application rejections or adverse events;
-ETH has successfully defended the 2900 mark many times this year, forming a strong support;
-Given the duality of ETH as a store of value and L1 blockchain network, if its spot ETF is approved, it may cause ETH prices to outperform BTC;
-Given the obvious lack of interest in the market, the risk is that the unexpected approval of the spot ETF will catch everyone off guard, triggering a short squeeze, allowing the market to easily return to recent highs.