QCP Capital analysis: Ethereum spot ETF application decision is approaching, which may trigger a market short squeeze

According to Odaily Planet Daily, QCP Capital released the latest market analysis. The SEC’s decision deadline for the first batch of Ethereum spot ETF applications will arrive this week, including VanEck on May 23 and Ark Invest/21Shares on May 24. . On Friday, the ETH/BTC exchange rate reached its lowest level since February 2021, coupled with low interest in the options market, suggesting that the market is anticipating application rejections or adverse events. ETH has successfully held the 2900 mark many times this year, forming strong support. Considering the duality of ETH as a store of value and L1 blockchain network, if its spot ETF is approved, it may cause ETH price to perform better than BTC. Given the apparent lack of interest, the risk is that a surprise spot ETF approval would catch everyone off guard, trigger a short squeeze, and ease the market back to recent highs.