Spot Ether ETF Hopes Ignite 18% Surge in Ether Value
Crypto News- Ether (ETH) has surged 18% in the last 24 hours due to renewed speculation that spot Ether exchange-traded funds (ETFs) might get approved this week, despite months of skepticism.
Analysts Boost Approval Odds
Bloomberg ETF analysts Eric Balchunas and James Seyffart have noted increased “chatter” suggesting that the U.S. securities regulator is urging applicants to expedite their 19b-4 filings. This speculation has led the analysts to boost their approval odds from 25% to 75%.
On Polymarket, a decentralized betting platform, the odds for a spot Ether ETF approval have similarly jumped from 11% to 54%.
Price Reaction
As a result, Ether’s price has climbed to $3,625, marking a 16.1% increase since the news broke a few hours ago and an 18% rise over the past 24 hours, according to CoinGecko. This development comes just days before the U.S. Securities and Exchange Commission (SEC) must make a final decision on VanEck’s spot Ether ETF application, due on May 23.
However, Seyffart clarified that approved 19b-4 filings must be accompanied by signed S-1 registration statements for the spot Ether ETFs to launch. He indicated that it could take weeks or even months for the S-1s to be approved, even if the 19b-4 filings get the green light this week.
“That said, if our predictions hold and these theoretical approvals occur later this week, S-1 approvals should be a matter of ‘when’ rather than ‘if’,” he added.
The notion that the SEC could approve the 19b-4 and S-1 filings in a two-step process was first highlighted by Nate Geraci, president of The ETF Store, on May 19.
Broader Market Trends
Meanwhile, other cryptocurrencies have also seen gains over the past 24 hours, with Bitcoin (BTC), Solana (SOL), and Dogecoin (DOGE) rising by 5.1%, 8.9%, and 9.2%, respectively, according to CoinGecko.
Ethereum-linked assets such as Uniswap (UNI), Lido DAO (LDO), and Lido Staked Ether (STETH) are among the few top 100 coins by market cap that have outperformed Ether in the last 24 hours, according to CoinGecko. Overall, the broader cryptocurrency market has increased by 7.8% over the last 24 hours, pushing the total market cap past $2.7 trillion for the first time since April 11.
FAQ on Recent Ether (ETH) Surge and Spot ETF Speculation
Why did Ether (ETH) surge by 18%?
Ether surged by 18% due to renewed speculation that spot Ether exchange-traded funds (ETFs) might be approved this week. This speculation has been driven by increased chatter among analysts and indications that the U.S. securities regulator is asking applicants to expedite their 19b-4 filings.
Who are the analysts suggesting a higher likelihood of spot Ether ETF approval?
Bloomberg ETF analysts Eric Balchunas and James Seyffart have suggested a higher likelihood of approval, raising their approval odds from 25% to 75% based on recent developments.
How did the odds for a spot Ether ETF approval change on betting platforms?
On Polymarket, a decentralized betting platform, the odds for a spot Ether ETF approval increased from 11% to 54%.
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