Speculation about the approval of spot Ether exchange-traded funds (ETFs) by May 23 has led to an 18% increase in ether’s price within 24hrs.
Despite months of pessimism, new speculation about the approval of spot Ethereum exchange-traded funds (ETFs) by May 23 led to an 18% increase in the price of ether in just 24hrs.
According to Eric Balchunas and James Seyffart, analysts for Bloomberg ETFs, there has been “chatter” that the United States Securities and Exchange Commission (SEC) is requesting applicants to speed up the filing of their 19b-4 applications.
As a result, the two individuals’ chances of acceptance increased from 25% to 75%. Odds for an approved spot for Ether ETF climbed from 11% to 54% on Polymarket, a decentralized betting platform. This represents a significant gain.
According to CoinGecko, the cryptocurrency price has increased by 16.1% since the news emerged a little more than three hours ago, and it has increased by 18% over the course of 24hrs. The news arrives a few days before the SEC’s scheduled decision on VanEck’s spot Ether ETF application on May 23.
On the other hand, Seyffart made it abundantly clear that in order for itto start, approved 19b-4s must be accompanied by approved S-1 registration statements. It is possible that it will take several weeks or even months for S-1s to be granted, even if 19b-4s are approved this week, according to his statement.
“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’…”
On May 19, Nate Geraci, president of The ETF Store, was the first person to bring up the possibility that the Securities and Exchange Commission (SEC) may accept the 19b-4 and S-1 files through a two-step process.
According to CoinGecko, the value of Bitcoin, Solana and Dogecoin all increased by 5.1%, 8.9%, and 9.2%, respectively, over the course of the previous twenty-four hours.
According to CoinGecko, the only top 100 coins by market size that have outperformed Ether in the past 24hrs are blockchain-based Uniswap, Lido DAO, and Lido Staked Ether (stETH). Ethereum is the foundation for these three cryptocurrencies.
Over the past twenty-four hours, the overall cryptocurrency market has experienced a 7.8 percent increase, and it has already surpassed a market valuation of $2.7 trillion for the first time since April 11.