The SEC has delayed the decision on Ethereum ETF options until November, just days after approving BlackRock’s IBIT options for trading.
Even though Ether (ETH) rose 15% in the last two weeks, its price has slowed down, staying between $2,700 and $2,600.
ETH now has a market value of $316 billion, with over $15.7 billion traded in the past 24 hours.
SEC delays Ethereum ETF decision, betting odds shift on ATH prediction
The U.S. Securities and Exchange Commission (SEC) has delayed its decision on approving Ethereum ETF options, according to a filing from Sept. 24.
Originally, the decision was expected by Sept. 26-27, but now the SEC has pushed it to Nov. 10-11 under the Securities Exchange Act.
This delay comes just four days after the SEC approved options trading for the iShares Bitcoin Trust (IBIT) on Nasdaq.
The SEC is being cautious, similar to how it took eight months to approve BlackRock’s IBIT, due to concerns about market manipulation and regulatory risks.
After the SEC’s announcement to delay its decision on Ethereum ETF options, the betting odds on Polymarket shifted significantly.
Now, there’s an 85% chance that Ethereum won’t hit a new all-time high (ATH) in 2024, compared to 71% last week.
Only 14% of people are betting on a new ATH, with less than 1% hoping it will happen in the next five days.
Interestingly, that 1% group has the highest bet value at $1.23 million, while the 85% group betting against a 2024 ATH has wagered $1.07 million.
After hitting a recent high of $2,702 on Monday, Ethereum’s price has stayed flat for the past 48 hours, showing a potential balance between buyers and sellers.
Since prices have risen 14% since Sept. 15, traders might start taking profits around this level, which could lead to a drop down to $2,500.
The overbought relative strength index (RSI) above 70 suggests that selling pressure could rise in the coming days, signaling possible short-term declines.
