🎉Surprise, surprise! The SEC's approval of spot Ether (ETH) ETFs wasn't a political move, according to Bernstein analysts. They believe the SEC knew it was cornered as ETH ETFs share the same regulatory setup as Bitcoin ETFs. So, they took a pragmatic approach to avoid a legal tussle. The approval left many Ether ETF applicants in shock. But hey, it's a win for the industry! Bernstein expects Ether ETF flows to be lower than Bitcoin's but anticipates a positive price action for Ether pre-launch. Now, the approved issuers are just waiting for the SEC to sign off their S-1 registration statements. 🚀