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Ether Jumps 10% to $3.4K After Bloomberg Ups Odds of Spot ETF Approval
Markets previously had mostly priced in SEC rejections of the proposed funds beginning this week.
Updated May 20, 2024, 9:25 p.m. Published May 20, 2024, 7:34 p.m.
Already modestly higher during U.S. trading hours Monday, the price of ether jumped more than 10% after two well-followed Bloomberg ETF analysts greatly upped their odds of the U.S. Securities and Exchange Commission approving spot ETH ETFs.
"James Seyffart and I are increasing our odds of spot Ether ETF approval to 75% (up from 25%), hearing chatter this afternoon that SEC could be doing a 180 on this (increasingly political issue), so now everyone scrambling (like us everyone else assumed they'd be denied)," tweeted Bloomberg Senior ETF Analyst Eric Balchunas.
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Read more: Ether ETFs Filing Process Sees Abrupt Progress, Though Approval Not Guaranteed: Sources
Things are taking a turn for the better on Spot #ethereum ETF approvals this week. Upping our odds to 75%. https://t.co/3WJ8kx9d8k
— James Seyffart (@JSeyff) May 20, 2024
The SEC this week faces a number of final deadlines on the spot ETF approvals/denials after having delayed decisions on the funds a number of times.
Bitcoin is adding to gains alongside ETH's advance, now higher by more than 5% and just shy of the $70,000 mark. Also on the move is the Grayscale Ethereum Trust (ETHE), a closed-end fund that Grayscale has proposed converting into a spot ETF. It's recently been trading at more than a 20% discount to net asset value as investors bet against SEC approval, but is now higher by more than 23% on Monday.
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After an active morning Tuesday, bitcoin flattened out in afternoon trading around the $87,500 area, up 2% over the past 24 hours.
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