$ETH ETF Approval and possible implications... #ETHETFS

2 days ago, Eric Balchunas, a Senior ETF Analyst for Bloomberg has posted a tweet in which he said that his prediction for the Ether ETF by the SEC (Securities and Exchange Commission) approval has increased to 75% from 25%. This comes after a period in which the general confidence in the approval of the Ether's ETF was pretty low.

Since this tweet, the price of $ETH has increased by approximatively 23%. This bullish signal might mean that the SEC is planning to approve the ETF, especially since it's an electoral year and the attitude of the potential presidents towards Cryptocurrencies in general is a major topic which could attract a lot of voters.

An additional factor to take into consideration is that #Blackrock has filed for an $ETH ETF as well. Blackrock is the world's largest investment manager and out of all the ETFs they have filed for, only 💥 ONE 💥has ever been rejected.

Moreover, ETH is a major player in the cryptocurrency market. Most applications are built on top of this blockchain (more specifically, most applications use #EVM - Ethereum Virtual Machine), so classifying it as Security would affect the vast majority of the market as well.

Another important point is that there is an ETH ETF already approved in Hong Kong. USA generally doesn't want to fall behind China when it comes to decisions that could have big implications for their economy.

Due to these reasons, I personally suspect we could see the approval of the ETH ETF sooner than later.

BUT 🤷it is also worth to keep in mind that a lot of big players are in this market and market sentiment can be manipulated. The view has shifted to optimism related to the ETF approval which would mean that a rejection of the ETF could lead to significant drops in price, benefitting a small number of people.

In this scenario, even if the ETF won't be approved, it's only a matter of time, a question of "when", rather than "if" it will happen.

Please Do Your Own Research (DYOR) and take multiple factors into account when investing.