Ether (ETH) surged 18% in 24 hours because of new speculation that spot Ether exchange-traded funds might be approved this week, despite months of uncertainty.
Bloomberg ETF analysts Eric Balchunas and James Seyffart said there are rumors that the U.S. securities regulator is asking applicants to hurry up with their 19b-4 filings. Because of this, the analysts have raised the chances of approval from 25% to 75%.
Ether ETF Approval Speculation Boosts Market
On Polymarket, a decentralized betting platform, the odds for an approved spot Ether ETF increased from 11% to 54%.
Ether is now priced at $3,625, up 16.1% since the news broke a little over three hours ago, and up 18% over 24 hours, according to CoinGecko.
Ether’s price chart of 24 hrs. Source: CoinGecko
The news comes just days before the U.S. Securities and Exchange Commission must make a final decision on VanEck’s spot Ether ETF application, on May 23.
However, Bloomberg ETF analyst James Seyffart clarified that approved 19b-4 filings must be accompanied by signed-off S-1 registration statements for the spot Ether ETFs to launch. He mentioned it could take weeks or even months for S-1s to be signed off, even if 19b-4s are approved this week.
“That said, if we’re correct and we see these theoretical approvals later this week, it should mean that S-1 approvals are a matter of ‘when’ not ‘if’,” Seyffart added.
The idea that the SEC could approve the 19b-4 and S-1 filings in a two-part process was first noted by Nate Geraci, president of The ETF Store, on May 19.
Cryptocurrency Market Surges Alongside Ether Rally
Other cryptocurrencies have also risen over the last 24 hours, with Bitcoin (BTC), Solana (SOL), and Dogecoin (DOGE) increasing by 5.1%, 8.9%, and 9.2%, respectively, according to CoinGecko.
Ethereum-linked tokens such as Uniswap (UNI), Lido DAO (LDO), and Lido Staked Ether (STETH) are the only top 100 coins by market cap that have outperformed Ether in the last 24 hours, according to CoinGecko.
top 100 coins performance for the last 24 hrs. Source: CoinGecko
The broader cryptocurrency market is up 7.8% over the last 24 hours, surpassing a $2.7 trillion market cap for the first time since April 11.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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