đ Can Ethereum (ETH) Top $4,000 This Week if ETFs Are Approved?
đ Ethereum Surges 20%: Ethereum (ETH) prices soared 20%, hitting a six-week high at $3,700, driven by renewed hopes for spot exchange-traded fund (ETF) approval in the U.S. This marks the largest 24-hour move for ETH in over a year, lifting the entire crypto market.
đ Market Cap Up: The total market cap rose 8.6% to $2.74 trillion, with Bitcoin (BTC) nearing its all-time high, touching $71,600.
đĄ ETF Approval Optimism: Bloomberg analysts James Seyffart and Eric Balchunas raised the approval odds for the first spot ETH ETF from 25% to 75%, with potential approval as soon as May 23. This follows the SEC's request for revised 19b-4 forms by May 21.
đ Leading Contenders: Ten issuers, including VanEck, BlackRock, Fidelity, and Grayscale, are competing for the first spot Ethereum ETF. VanEck's deadline is May 23, followed by Ark 21Shares on May 24.
đŁïž Expert Commentary: ETF Store President Nate Geraci highlights the significant interest in the crypto and exchange-traded products market.
đ Prometheum Launches Custody Service: Crypto trading and custody firm Prometheum launched an Ethereum custody service, treating ETH as a security. This move may be in anticipation of SEC decisions regarding ETH ETFs.
đŹ Market Sentiment Shift: Despite initial skepticism, the recent positive sentiment suggests a potential approval for ETH ETFs this week.