🤑Analysts Now See 75% Chance of Spot Ethereum ETF Approval as SEC Hints at Shift: Is the the Bullish Catalyst for a MAssive AltSeason?🚀
Analysts have significantly raised the odds of a spot Ethereum ETF approval, boosting hopes for regulatory green light from the US Securities and Exchange Commission (SEC).
Bloomberg Intelligence analysts Eric Balchunas and James Seyffart have upped their approval odds for a spot Ethereum ETF from 25% to 75%. This newfound optimism is driven by recent SEC actions.
The SEC has asked asset managers to update their 19b-4 filings, a crucial step for listing spot Ethereum ETFs, ahead of this week’s deadline. This move has ignited industry excitement and speculation about imminent approval.
ETF Store’s Nate Geraci predicts the SEC will approve the 19b-4 filings and take a measured approach to S-1 registrations, which detail the new securities' structure and strategy. Both forms need approval for ETFs to launch.
However, Seyffart cautions that while the 19b-4 approval could come by the May 23 deadline, it may take weeks or months for S-1 approvals, delaying a live Ethereum ETF.
This renewed optimism is notable as Balchunas and Seyffart had been lowering their approval odds in recent months, echoing industry skepticism from figures like VanEck CEO Jan van Eck.
Following the news, Ethereum’s price surged nearly 20%, trading at $3,676. Other Ethereum-linked altcoins, like Polygon (MATIC) and Optimism (OP), also saw significant gains of 9.4% and 19.7%, respectively.
This boost in approval odds has sparked widespread market enthusiasm, with stakeholders eagerly awaiting the SEC's next move.