Spot Ethereum ETF: Bloomberg Analysts Raise Approval Odds To 75%

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As a researcher with a background in financial markets and digital currencies, I’ve been closely following the developments surrounding the potential approval of a spot Ethereum Exchange-Traded Fund (ETF). The recent shift in odds from 25% to 75%, as reported by Bloomberg Senior ETF Analysts Eric Balchunas and James Seyffart, is a significant turn of events.

I, as an analyst, have observed a shift in the approval odds for a spot Ethereum ETF from 25% to 75%, according to recent predictions made by Bloomberg Senior ETF Analysts Eric Balchunas and James Seyffart. The digital currency community is keeping a close eye on this upcoming decision within the broader ecosystem of cryptocurrencies.

Spot Ethereum ETF Might Be a Reality

As a crypto investor, I’ve been closely following the developments regarding the potential approval of Bitcoin ETFs by the SEC. While there are currently no definitive guarantees, the latest insights from ETF analysts have given me reason to be optimistic. They believe that the new information could lead the SEC to reconsider their previous stance and grant approvals in the near future.

Based on recent developments, JSeyff and I have raised our estimation of the likelihood of Ether ETF approval to 75% (previously at 25%). We’ve picked up whispers today suggesting that the SEC may be reconsidering its stance on this contentious issue. Consequently, there’s a flurry of activity as everyone, including us, readjusts their expectations accordingly.

— Eric Balchunas (@EricBalchunas) May 20, 2024

Based on Balchunas’ analysis, it’s possible that this update could be connected to a political trend or shift. Notably, the US political landscape is currently not leaning towards President Joe Biden based on his administration’s critical stance towards cryptocurrency via the SEC. On the other hand, during the campaign season so far, former President Donald Trump has been drawing attention, with several crypto figures expressing their support for him.

Although the specifics are yet to be clarified, the shift in position is anticipated to bring significant advantages to the crypto sector. As Balchunas pointed out, those who were bracing for unfavorable news are now eagerly awaiting developments.

Nate Geraci, President of the ETF Store, explained that both the 19b-4 and S-1 applications must be approved by the market regulator for a live Ethereum spot ETF. He mentioned that while 19b-4 applications may receive approval more swiftly, the process for S-1s could be slower due to less engagement with key stakeholders.

It’s unclear how things will develop this week with the pending decision from VanEck and Ark 21Shares on their applications.

Market Reaction to the News

The Ethereum market is showing significant volatility following the increased likelihood of an ETF approval, leading to a 11.87% increase in ETH‘s value and reaching a new high of $3,436.91 – its best price since April 10th.

As a researcher studying the cryptocurrency market, I’ve observed Bitcoin (BTC) experiencing a significant price increase, surpassing the $70,000 mark for a 6.6% gain within the past 24 hours. Moreover, other altcoins are following suit, fueling optimism and setting the broader market on a trajectory towards revival. Market analysts, including Ansem, have anticipated this trend and forecast that Bitcoin and Solana will reclaim their All-Time Highs (ATHs) soon.

As a crypto investor, I’ve noticed some skepticism among market observers regarding recent trend changes in the cryptocurrency market. However, I can confirm based on reliable sources, such as Seyffart and Fox Business Journalist Eleanor Terrett, that these trend shifts are indeed taking place.

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2024-05-20 23:20