$ETH price rises on hopes of spot ETF approval

Despite months of pessimism, spot Ether rose 18 percent in 24 hours, driven by new speculation that exchange-traded funds could be approved this week.

According to Bloomberg ETF analysts Eric Balchunas and James Seyffart, there are "rumors" that the SEC is asking applicants to expedite their 19b-4 filings.

This caused approval estimates for spot ETFs to rise from 25 percent to 75 percent.

On Polymarket, a decentralized betting platform, rates for Ether ETF approval increased from 11 to 54 percent.

The news comes days before the U.S. Securities and Exchange Commission must make a final decision on VanEck's spot Ether ETF application, on May 23.

The news comes hours before the U.S. Securities and Exchange Commission is set to make a final decision on VanEck's application for spot Ether #ETF on May 23.

However, Seyffart made clear that approved 19b-4s must be accompanied by signed S-1 registration statements before spot Ether ETFs can be launched.

Even if 19b-4s are approved this week, it could take weeks or even months for S-1s to be signed.

"However, if we are right and we see these theoretical approvals later this week. That should mean S-1 approvals are a matter of 'When' and not 'If'..."

The idea that the SEC could approve 19b-4 and S-1 filings in a two-part process was first floated by Nate Geraci, president of The ETF Store, on May 19.

According to CoinGecko, Bitcoin

#BTCUSD , Solana

#SOLUSD and Dogecoin

Other cryptocurrencies such as #DOGEUSD increased by 5.1, 8.9 and 9.2 percent, respectively, in the last 24 hours.

The total value of the crypto market increased by 7.8 percent in the last 24 hours, exceeding the market value of $ 2.7 trillion for the first time since April 11.