Bloomberg analysts James Seyffart and Eric Balchunas have increase Ethereum spot approval odds to a whopping 75% in what appears to be a last-minute reversal.
Bloomberg analysts James Seyffart and Eric Balchunas have increase Ethereum spot approval odds to a whopping 75% in what appears to be a last-minute reversal.
According to Balchunas, there is some “chatter” that the SEC could be doing 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 a lack of engagement between ETF issuers and the SEC. Bloomberg analysts stated that the probability of the regulator giving the green light to these products was only 10%. However, former Grayscale CEO Michael Sonnenshein said he was “optimistic” ahead of the Ethereum ETF approval deadline.
Gamza KhanzadaevFollowing the latest developments, Seyffart and Balchunas have capped the approval odds at 75% until they see possible updates to the presentation.
According to Fox Business reporter Eleanor Terrett, things are currently evolving “in real time.”
Jake Chervinsky, a popular cryptocurrency analyst, has noted that the approval of Ethereum spot ETFs would be “shocking” to everyone he knows in DC. If the SEC indeed takes such action, it could signal a major shift in US crypto policy following the bipartisan SAB 121 vote.
As reported by U.TodayThe SEC is expected to announce its final decision on VanEck’s ETF proposal on May 23.
Alex DovbnyaEthereum price is now up over 8% in the last hour alone, touching the $3,400 level. Meanwhile, the price of Bitcoin is approaching $70,000.
Ethereum open interest has increased by $1 billion in just one hour, with traders “aggressive” opening long positions.
According to GlassGlass data, more than $86 million in shorts have been liquidated in the last hour alone.
