Ethereum ETF Approval Odds Suddenly Surge. Here’s Why

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As a seasoned crypto investor with a few gray hairs and battle scars from the rollercoaster ride that is this market, I’ve learned to take every piece of news with a grain of salt. But the latest developments regarding the potential approval of Ethereum ETFs have me feeling a glimmer of hope.

According to Bloomberg analysts James Seyffart and Eric Balchunas, the probability of Ethereum gaining approval has significantly risen, reaching an estimated 75%. This apparent late shift may signal a potential change in the regulatory landscape for Ethereum.

Based on Balchunas’ information, there are rumors circulating that the SEC could potentially change its stance on this matter, possibly as a result of external influences.

Before this, it seemed that the general belief in the industry was that these Ethereum-linked ETFs would be rejected by the SEC due to insufficient engagement between ETF issuers and the regulatory body. Bloomberg analysts estimated the chances of these products being authorized by the regulator at a mere 10%. Nevertheless, Michael Sonnenshein, former CEO of Grayscale, expressed his “optimism” in anticipation of the Ethereum ETF approval process.

Based on the most recent advancements, Seyffart and Balchunas have set the probability of approval at 75% as they await potential filings for further review.

According to Fox Business reporter Eleanor Terrett, things are currently evolving “in real time.” 

Based on information from U.Today, I anticipate that the Securities and Exchange Commission (SEC) will make public their final ruling concerning the VanEck Exchange-Traded Fund (ETF) proposal by May 23rd.

As a researcher studying the cryptocurrency market, I’ve noticed an impressive surge in Ethereum’s price within the last hour, with it reaching over 8% growth and hitting the $3,400 mark. Simultaneously, Bitcoin is steadily advancing towards the $70,000 threshold.

Based on GlassGlass’s latest report, over $86 million in short positions have been terminated within the past hour.

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2024-05-20 23:04