SEC Files Fidelity's Ethereum ETF App, But Approval Still a Long Shot

U.Today presents the top news stories from the past day. The SEC has filed Fidelity's spot Ethereum ETF application, but approval remains unlikely according to analysts. Veteran trader Peter Brandt predicts Bitcoin will dominate over gold in the long term, while Shiba Inu is nearing four million addresses with a high adoption rate. Despite market volatility, the SHIB community continues to grow.

SEC Files Fidelity's Ethereum ETF Application, but Approval Odds Remain Low

The Securities and Exchange Commission (SEC) has filed Fidelity's spot Ethereum Exchange-Traded Fund (ETF) application, igniting discussions within the cryptocurrency community about its likelihood of approval. However, analysts remain skeptical, with Bloomberg Intelligence analyst James Seyffart stating, "Nothing in the filings signal to me that anything has changed."

"Silence from the SEC is not a good thing," Seyffart noted, suggesting that ETF approval is unlikely for the time being. This aligns with previous estimates from leading ETF analyst Eric Balchunas, who estimated the chances of Ethereum ETF approval at a "very pessimistic 25%."

Peter Brandt Proclaims Bitcoin's Supremacy over Gold

Veteran trader Peter Brandt has made a bold prediction, declaring that Bitcoin will reign supreme over gold in the long term. Comparing Bitcoin to the "ruler" of the royal court, gold to a "baron," and silver to a "jester," Brandt supported his claim with a chart showing gold's declining value in relation to Bitcoin since its introduction.

"In just 12 years, gold's value fell from 740 BTC to a mere 0.0352 BTC," Brandt emphasized. However, ETF expert Eric Balchunas suggests a shift in market sentiment, noting a resurgence in gold's appeal compared to BTC.

Shiba Inu Nears 4 Million Addresses as Adoption Rate Surges

Shiba Inu is closing in on a significant milestone of 4 million total addresses, according to on-chain data. This coincides with a spike in its adoption rate, indicating growing interest in the meme token.

"Shiba Inu has hit 3.98 million total addresses, attributed to a spike in newly created addresses following SHIB's March 5 peak," data from IntoTheBlock reveals. The rate of new user adoption for Shiba Inu stands at 40.22%, indicating that two out of five active SHIB addresses are new to the network.

This impressive adoption rate comes despite prevailing market volatility since early April, largely driven by macroeconomic uncertainty. Investors are watching closely as the crypto market navigates these challenges.