The U.S. Securities and Exchange Commission has delayed its decision on the approval of the Grayscale Ethereum Futures Trust’s Ethereum ETF application. The new deadline is set for May 30, as per the document filed on Friday.

SEC Seeks More Time

Under the Securities Exchange Act of 1934, the agency has a timeframe of 180 days or six months from the publication of the proposed rule change notice. Grayscale submitted its application in September, and the agency postponed its decision in November. In its recent filing, the SEC said: “The Commission finds that it is appropriate to designate a longer period within which to issue an order approving or disapproving the proposed rule change so that it has sufficient time to consider the proposed rule change and the issues raised therein”.
In a recent X post, Bloomberg ETF analyst James Seyffart commented that the delay was anticipated. Seyffart, who has previously suggested that Grayscale is strategically maneuvering to secure eventual approval for a spot Ethereum ETF from the SEC, emphasized the deliberate nature of their approach.

The agency has previously postponed its decision-making timeline for Grayscale’s ether futures ETF on several occasions. However, it’s noteworthy that the SEC had previously approved a set of ether futures ETFs in October 2023, which included offerings from ProShares, VanEck, and Bitwise.

Ethereum (ETH) Price Under Pressure

As reported, the Ethereum community joined forces with Solana in response to ongoing security allegations raised by the Securities and Exchange Commission (SEC). Concurrently, Ethereum’s native cryptocurrency, ETH, has undergone a notable retracement of approximately 18% since reaching its peak on March 11th. As of press time, the Ethereum price is trading 5.16% down at $3,326 with a market cap of $400 billion.
Furthermore, the Ethereum whale activity within the cryptocurrency market has surged to its highest levels in 2024, reflecting heightened interest and activity among large-scale investors.
Analysts emphasize the importance of monitoring the 30-day average returns of ETH wallets, which currently suggest a favorable buying opportunity. Additionally, Ethereum’s Relative Strength Index (RSI) has declined to 28.5, marking its lowest level since experiencing a price bottom in late January.

Shiba Inu Weekly Burn Dips 60%, SHIB To Break Below Support?

Shiba Inu's weekly burn dips nearly 60% despite staggering amounts of tokens burnt. SHIB's price plunged, being at risks to further falls.
By Coingape Staff58 mins ago
 Updated 46 mins ago

STORY HIGHLIGHTS

• Shiba Inu weekly burn dips, even though colossal amounts of tokens were burnt.
• Market dynamics for SHIB paint a bearish outlook.
• Shiba Inu price slips, with potential future drops looming.

In a thrilling plot twist, Shiba Inu, the self-proclaimed Dogecoin killer, curated a tidal wave of speculations among crypto market traders and investors globally following a significant plunge in its price in the past few days. This plunge in SHIB’s price surfaced along with a weekly dip recorded in the SHIB burn rate, giving rise to a bearish sentiment for the meme coin across the broader crypto market.
Shiba Inu, the meme-based cryptocurrency, echoed a sense of frenzy across the crypto horizon over the past month as its price rallied remarkably, coming in tandem with the broader uptrend witnessed by a meme coin rally. However, with its recent plunge below the $0.00003 level, the token risks falling below its support level of $0.00002 as market dynamics paint a bearish portrait for SHIB.

Shiba Inu Burn: A Closer Look

According to the insights revealed by the meme coin’s burn tracker Shibburn, despite the Shiba crypto community registering the incineration of over 339 million tokens in the past week, SHIB’s weekly burn dipped 58.96%. This drop mirrored SHIB’s weekly plunge, as even price slipped 7.60%.
Meanwhile, the meme coin’s community appears to have continued burning colossal amounts of SHIB over the past week, as reported by CoinGpae Media. However, this contrasts with SHIB’s current witnessed price action, as the coin took a bearish turn.
On the other hand, intriguingly, the SHIB burn rate recorded over the past 24 hours mirrored a roughly 100% surge, with 33 million coins incinerated. Nonetheless, the broader market remained bearish on the meme coin, as market charts illustrated bears taking control.
Also Read: New Floki Roadmap Features Debit Card, Shifts Beyond Meme Status

Shiba Inu Price Slips

As of writing, the Shiba Inu token’s price noted a drop of 0.06% over the past 24 hours and is currently trading at $0.00002715. Although the token’s charts showcased a gradual upward momentum for the meme coin as of press time, potential due to today’s burn upswing, market dynamics continued fueling speculations.
Looking at the broader trend for SHIB in the market, coupled with a weekly plunge of nearly 7%, market data illustrates further falls for SHIB potentially looms. Derivatives data showcased a 1.61% drop in SHIB’s open interest, whereas volume dropped 4.41%. This hinted at a plunge in new money entering the market, along with a reduction in market activity, adding to Shiba Inu’s bearishness.

Meanwhile, the OI-weighted funding rate also continued to fall, reaching $0.0198%, further mirroring bearishness on SHIB as it signaled a significant decrease in investor sentiment toward taking longer positions.
The RSI hovering at 53 further hinted at neither an overbought nor an oversold region for the token. However, coupled with the downtrend observed in the past week and the drop in OI and volume, a potential for further price declines persists with a weakening market momentum witnessed following a meme coin rally.