With the possible approval of an Ethereum spot ETF by the U.S. Securities and Exchange Commission (SEC), the price of Ether has surged nearly 20% in the past 12 hours. Bloomberg analyst Eric Balchunas has increased the probability of approval from 25% to 75% and stated at 7 a.m. this morning that the SEC has requested the revised 19b-4 form from the applying institutions to be submitted by 10 a.m. tomorrow.
(Previous Summary:
ETH surges by 20%, breaking $3,700! Bloomberg analyst reports good news: SEC approval of Ethereum spot ETF increases to 75%…)
(Background:
Countdown of 3 days for the review of the Ethereum spot ETF: Will the SEC technically reject it? Lawsuit to be filed if rejected?)
Table of Contents:
Analyst: Approval of 19b-4 likely by Wednesday
Will the SEC only approve one of the rules?
Surge of Ether by 20%
Ether has surged nearly 20% in the past 12 hours because Bloomberg ETF analyst Eric Balchunas, in an unusual move, tweeted at around 3 a.m. today, stating, “James Seyffart and I have increased our probability of approval for the Ethereum spot ETF to 75% (up from 25%).”
Further Reading:
ETH surges by 20%, breaking $3,700! Bloomberg analyst reports good news: SEC approval of Ethereum spot ETF increases to 75%…)
At 7 a.m. this morning, Balchunas tweeted again, saying that the issuers approaching the review deadline today are VanEck, Ark/21Shares, and Grayscale. The SEC will make final decisions on the 23rd, 24th, and 30th respectively.
However, it should be noted that Balchunas and another Bloomberg analyst, Seyffart, emphasized that the 19b-4 (exchange rule change) has a chance of being approved on Wednesday, while the S-1 (registration statement) may not be approved as quickly.
In response to this, Nate Geraci, President of ETFStore, also wrote yesterday that the SEC may approve the 19b-4 but slow down the execution speed of the S-1, with a gap of several weeks or even months between the two, causing technical delays in the listing progress.
Although the SEC’s final stance has not been determined, the price of Ether has skyrocketed due to this news. According to Binance spot market data, after the news was released at 3 a.m. this morning, Ether rose by over 6% within 15 minutes from around $3,150 and then continued to surge. At the time of writing, it reached a peak of $3,721, with an increase of nearly 20% in the past 12 hours, and is currently trading at $3,659.78.
ETH Price Trend Chart | Source: Binance
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