ETH Spot ETF Approval Sparks Turmoil on Polymarket: Ethereum (ETH) Price Volatility Soars

<ul>
  <li>Blockchain betting platform Polymarket has seen over $13.2 million wagered on whether an Ether ETF will be approved, but chaos ensued due to the lack of clarity on what "approval" means.</li>
  <li>The market closed on May 23 with a "Yes" outcome after the SEC gave the green light to multiple Ether ETF 19b-4 filings.</li>
  <li>Records from Polymarket show that the result was briefly contested but ultimately resolved with the same "Yes" outcome.</li>
</ul>
<p><strong>Discover the latest developments in the crypto world as Polymarket faces turmoil over Ether ETF approval definitions, causing a split in the community.</strong></p>
<h2><strong>The Community Splits Over the Outcome!</strong></h2>
<p>Those who voted "No" argue that a U.S. ETF needs an approved 19b-4 filing and an S-1 Form to start trading, and without the S-1, it cannot be considered "approved." Analysts suggest that the SEC's approval of S-1s, where some "No" voters might have invested their money, could take months.</p>
<h3><strong>Notable Reactions and Opinions</strong></h3>
<p>A prominent "No" bidder, who changed their name to "RevengeTour19B4," highlighted a tweet from Matthew Sigel, Head of Digital Assets Research at VanEck, stating that ETFs are not considered "approved" without both S-1 and 19b-4 approvals. Frustrated bettors also pointed to comments from Bitwise Chief Investment Officer Matt Hougan on the Unchained podcast, describing the need for both filings as a "nuclear key scenario."</p>
<h3><strong>Contrasting Views from the "Yes" Side</strong></h3>
<p>Meanwhile, some from the winning "Yes" camp argue that the market only indicated "approval" and did not specify that ETFs must start trading by May 31. Others claim that the SEC's 19b-4 approvals are considered final, with S-1 approvals typically following as a formality.</p>
<h3><strong>Conclusion</strong></h3>
<p>The Polymarket Ether ETF betting saga highlights the complexities and nuances of regulatory approvals in the crypto space. As the community remains divided, it underscores the importance of clear definitions and transparent processes in financial markets. Investors are advised to conduct their own research and exercise caution in their trading decisions.</p>
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Jocelyn Blake
Jocelyn Blakehttps://en.coinotag.com/
Jocelyn Blake is a 29-year-old writer with a particular interest in NFTs (Non-Fungible Tokens). With a love for exploring the latest trends in the cryptocurrency space, Jocelyn provides valuable insights on the world of NFTs.
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