Rumors of US regulators potentially approving Spot Ethereum ETFs have caused Ether’s price to surge by over 20% to around $3,792. Standard Chartered has further fueled this bullish sentiment by expressing confidence in the launch of Ether spot ETFs in the US this week, estimating significant inflows of 2.39-9.15 million ether in the first 12 months post-approval. Bloomberg Intelligence analyst Eric Balchunas has also increased his prediction for approval to 75%, up from 25%, as there is speculation that the SEC might be changing its stance on the issue. Decision Day for Ethereum ETFs is approaching, and the industry is eagerly awaiting the SEC’s decision on several applications.
Despite initial expectations of the SEC delaying or rejecting the first Ether ETF, there is a growing belief that approval may be imminent. Grayscale’s Ethereum ETF has seen a 23% surge, reaching $32.76 per share, reflecting the overall positive sentiment around the launch of spot Ether ETFs. The broader cryptocurrency market is also experiencing a rally, with Bitcoin up 5% and nearing the $70,000 mark. Analysts had previously been pessimistic about the approval of an Ethereum ETF following the lengthy process for spot Bitcoin ETFs, but the recent developments have surprised many.
VanEck and ARK Investment Management are leading the charge for Spot Ether ETFs, with deadlines for the SEC decision set for May 23 and May 24, respectively. Alongside seven other issuers, they are seeking approval to launch ETFs directly tracking the price of Ethereum. Fidelity has also amended its application for a spot Ether ETF with the SEC, indicating a potential policy shift by the regulator that could pave the way for approval. The industry is closely watching these developments, anticipating the launch of Ether spot ETFs in the US in the near future.
The potential approval of Spot Ethereum ETFs has drawn significant interest from investors and traders, leading to a surge in Ether’s price and boosting the overall sentiment in the cryptocurrency market. The approval of spot ETFs could drive substantial inflows into the Ether market, attracting billions of dollars of investment. Analysts, including those at Standard Chartered and Bloomberg Intelligence, are increasingly confident in the likelihood of approval, with expectations that the SEC may be changing its stance on the issue. This shift in sentiment has surprised many in the industry who had previously anticipated delays or rejections.
The market is abuzz with speculation surrounding the approval of Spot Ethereum ETFs in the US, with stakeholders eagerly anticipating the SEC’s decision this week. The possible launch of spot ETFs tracking the price of Ethereum could have significant implications for the cryptocurrency market, attracting more institutional investors and increasing liquidity. The recent surge in Ether’s price, as well as the positive momentum in the broader cryptocurrency market, reflect the growing optimism surrounding the potential approval of Ether spot ETFs. The industry is eagerly awaiting the SEC’s decision and the impact it may have on the future of cryptocurrencies.
