📣Hey BTC enthusiasts! We've got some crypto news to share! 🚀 The final deadline for the first spot Ethereum ETF is coming up on Wednesday, May 23. This is when the SEC will give a thumbs up or down to VanEck’s application. 📆

The Ark 21Shares spot ETH ETF application deadline follows on Thursday, May 24. What happens on Wednesday will set the tone for the rest of the issuers, including Hashdex, Grayscale, Invesco Galaxy, BlackRock, and Fidelity. 🎭

However, the odds of approval aren't looking too rosy. 🌹🥀 The SEC must approve both the 19b-4s (exchange rule changes) and the S-1s (registration statements) for ETFs to launch. It's possible for the SEC to approve the 19b-4s and then delay the S-1s, especially given the reported lack of engagement with issuers. ⏳

Just five SEC Commissioners are set to vote on whether to approve or deny VanEck’s ETF on Wednesday. The panel includes crypto-friendly Commissioners Hester Pierce and Mark Uyeda, anti-crypto Caroline Crenshaw and Jaime Lizárraga, and Gary Gensler, who voted in favor of approving spot Bitcoin ETFs in January. 🗳️

If the SEC approves the VanEck fund on Wednesday, ETH prices are likely to pump in the short term. However, the general consensus is that the SEC will reject them. One analyst suggests that the Ethereum bottom is already in and eventually spot ETFs will be approved even if they are denied this week. 📈📉

ETH prices are slightly down now to just under $3,100. SEC approval could result in a quick upside move to resistance at $3,500 and potentially beyond. So, keep your eyes peeled! 👀