- Analyst ups odds of spot ETH ETF approval to 75%
- ETH rose over $590; 19% increase in the past 24 hours
- Market surges on ETF approval speculation
Anticipation surrounding the potential approval of a spot ETH Exchange-Traded Fund (ETF) in the US has intensified after a Bloomberg ETF analyst significantly increased his estimate of the likelihood.
Eric Balchunas, who previously assigned a low 25% chance of approval, now sees a significantly higher probability of 75%. In a social media post, Balchunas cited growing political pressure as a potential factor influencing the SEC decision-making.
“James Seyffart and I are increasing our odds of spot Ether ETF approval to 75% (up from 25%), hearing chatter this afternoon that SEC could be doing a 180 on this (increasingly political issue), so now everyone scrambling (like us everyone else assumed they’d be denied).”
As shown by Velo data, Balchunas’ statement sparked a surge in the price of ETH, which rose over $590, resulting in a $70 billion increase in market capitalization. This is Ether’s largest single-day increase in market value in history.
According to CoinMarketCap data, the price of ETH was $3,680 at the time of publishing, indicating a 19% increase in the past 24 hours.
Additionally, James Seyffart, another Bloomberg analyst, stated on X that a number of sources have confirmed the increased chances of spot ETH ETF approval. The sources revealed that “a bunch of filings” will be seen in the near future.However, it’s important to note that even if the SEC approves VanEck’s 19b-4 filing, a separate green light would still be required for the S-1 filing, which is a crucial step for bringing Ethereum ETFs to market.
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