Ethereum
Chances of Ethereum ETF approval suddenly increase. here’s why
Alex Dovbnya
Chances of Ethereum ETF approval suddenly skyrocket just days before key decision
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Bloomberg analysts James Seyffart and Eric Balchunas increase Ethereum’s one-time approval chances at 75% in what appears to be a last-minute reversal.
According to Balchunas, there is “chatter” that the SEC may do a 180-degree turn on this issue (which could be due to political pressure).
Prior to this, the industry consensus seemed to be that these ETFs would be rejected due to the lack of engagement between ETF issuers and the SEC. Bloomberg analysts say the chance of these products receiving the green light from the regulator is only 10%. However, former Grayscale CEO Michael Sonnenshein said he was “optimistic” before the Ethereum ETF approval deadline.
Following the latest developments, Seyffart and Balchunas have now capped the chances of approval at 75% until they see possible filing updates.
According to Fox Business reporter Eleanor Terrett, things are currently evolving “in real time.”
Jake Chervinsky, a popular cryptocurrency analyst, noted that the approval of Ethereum spot ETFs would be “shocking” to everyone he knows in Washington. If the SEC does indeed make such a decision, it could signal a major shift in U.S. crypto policy following the bipartisan vote SAB 121.
As reported by U.TodayThe SEC is expected to announce its final decision on the VanEck ETF proposal on May 23.
Ethereum price has now surged over 8% in the last hour alone, reaching the $3,400 level. In the meantime, the price of Bitcoin is approaching $70,000.
Open interest on Ethereum increased by $1 billion in a single hour, with traders “aggressive” opening long positions.
According to GlassGlass data, more than $86 million worth of shorts were liquidated in the last hour alone.
About the Author
Alex Dovbnya
Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience covering everything related to this booming industry, from price analysis to blockchain disruption. Alex has authored over 1,000 articles for U.Today, CryptoComes and other fintech media. He is particularly interested in regulatory trends across the world that are shaping the future of digital assets. He can be contacted at alex.dovbnya@u.today.