A big week for Ethereum 📈

From capitulation to speculation, there’s now a real chance that the spot Ether ETFs could be approved by the SEC this week.

According to Bloomberg analysts James Seyffart and Eric Balchunas on X, they have increased their odds of an ETH ETF approval from 25% to 50% after hearing news that the SEC may be ready to change its stance on ETF applications.

On Monday, the SEC asked asset managers to submit amended 19b-4 forms for their applications, further increasing speculation on a potential approval in the coming days.

Nine asset management firms, including Blackrock, Fidelity, and VanEck, have filed for spot Ether ETFs to date.

As the first one to do so, VanEck expects a decision on its application this Thursday, May 23rd, followed by a decision on the ETF proposed by Ark Invest and 21 Shares.

Since Balchunas’ tweet took the crypto space by storm, ETH recorded its largest daily price candle in history, surging by 16.7% from $3,143 to $3,665 today.

Editor’s Take:

With ETH’s recent, violent move, it’s likely that most of the upside from a potential spot Ether ETF approval would have already been telegraphed and captured. Nonetheless, based on the recent history of Bitcoin’s price action following its ETF approval, the future of Ethereum is looking bright in the near term. However, should the ETFs be rejected, we may be in for a far more bumpy ride.

Source: CoinGecko

$ETH