PANews reported on May 21 that according to The Block, Standard Chartered Bank expects the Ethereum ETF to receive approval from the U.S. Securities and Exchange Commission (SEC) this week. Standard Chartered Bank reiterated in a report on Tuesday that the approval of the ETF could bring an inflow of $15 billion to $45 billion within the first 12 months after approval.

Geoff Kendrick, Head of FX Research and Digital Assets Research at Standard Chartered Bank, stated that this equates to an inflow of 2.39 to 9.15 million ETH, which is expected to drive the price of Ethereum to $8,000 by the end of 2024.