In what appears to be a last-minute reversal, James Seyffart and Eric Balchunas raise the odds of Ethereum spot approval to a staggering 75%.

According to Balchunas, there are “rumors” that the SEC may do a 180 on the issue (possibly due to political pressure). ​​

Prior to this, the industry consensus seemed to be that these ETFs would be rejected due to a lack of interaction between ETF issuers and the SEC. Bloomberg analysts claimed that there was only a 10% chance that these products would be approved by the regulator. However, former Grayscale CEO Michael Sonnenshein said he was “optimistic” ahead of the Ethereum ETF approval deadline.

Following the latest developments, Seyffart and Balchunas have now capped the odds of approval at 75% until they see a possible filing update.

As reported by Fox Business reporter Eleanor Terrett, the situation is currently developing “in real time.”

Jake Chervinsky, a well-known cryptocurrency analyst, noted that the approval of a spot Ethereum ETF would be “a shock to everyone he knows in Washington.” If the SEC does make such a move, it could signal a major shift in U.S. crypto policy following the bipartisan SAB 121 vote.

The SEC is expected to announce its final decision on the VanEck ETF proposal on May 23, U.Today reported.

Ethereum’s price surged more than 8% in the past hour alone, hitting the $3,400 level. Meanwhile, Bitcoin’s price is approaching $70,000.

Ethereum open interest increased by $1 billion in just one hour, with traders “aggressively” opening long positions.  

According to data from GlassGlass, more than $86 million worth of short positions were liquidated in the past hour alone.