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Ethereum ETF approval probability suddenly spikes days before important decision
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Bloomberg analysts James Seifert and Eric Balchunas said: increased Ethereum’s spot confirmation probability is now a whopping 75%, making it appear to be a last-minute reversal.
Balchunas says there are “rumors” that the SEC may be doing a 180 on this issue (which may 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 the ETF issuer and the SEC. Bloomberg analysts claimed that these products had only a 10% chance of being cleared by regulators. However, as former Grayscale CEO Michael Sonnenschein said, “Optimistic” Before the Ethereum ETF approval deadline.
Given the latest developments, Mr. Seifert and Mr. Balciunas have decided to limit the probability of approval to 75% until the possibility of renewal of the application is confirmed.
Things are currently evolving “in real time,” according to Fox Business reporter Eleanor Terret.
Jake Cherbinski, a popular cryptocurrency analyst, said the approval of the Spot Ethereum ETF will be “shocking” to everyone he knows in Washington, D.C. If the SEC does indeed make such a move, it could signal a major shift in U.S. crypto policy following the bipartisan SAB 121 vote.
as U.Today reportedThe SEC is expected to announce its final decision on the VanEck ETF proposal on May 23.
The price of Ethereum has surged more than 8% in the past hour alone, reaching the $3,400 level. Meanwhile, the price of Bitcoin is approaching $70,000.
Ethereum's open interest increased by $1 billion in just one hour, with traders “aggressively” opening long positions.
According to data from GlassGlass, more than $86 million worth of short interest was liquidated in the past hour alone.
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Alex Dovnya
