#Write2earn High Hopes for SEC Approval of Spot Ether ETF as Crypto Market Awaits Decision
An industry observer predicts a 90% chance that the SEC will approve a spot Ether ETF, noting the narrowing discount in the Grayscale Ethereum Trust.
Early Thursday, Bitcoin (BTC) and Ether (ETH) held steady after recent gains, with the market awaiting the SEC's decision on VanEck's spot Ether ETF. Bitcoin stayed around $69,500, while Ether hovered near $3,700.
Technical analysis shows a bullish trend for both cryptocurrencies. Analyst Josh Olszewicz highlighted this positive outlook on X . Data from Deribit, tracked by Amberdata, also showed a preference for call options on Bitcoin and Ether, indicating bullish sentiment.
Expectations for the SEC's approval of spot Ether ETFs are driving this optimism. Markus Thielen, founder of 10x Research, noted a likely SEC approval today, citing the narrowing discount in the Grayscale Ethereum Trust as a positive indicator.
Reports suggest the SEC requested updates from spot Ether ETF applicants, indicating potential approval. Noelle Acheson, author of the Crypto Is Macro Now newsletter, mentioned that this approval would signify a major shift in the SEC's stance towards crypto.
On Wednesday, the U.S. House passed the FIT21 Act, aiming to clarify cryptocurrency regulation, with the SEC providing stricter oversight if classified as securities. The bill now moves to the Senate, with its future uncertain. Even if it passes, President Biden could still veto it.