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Ether Soars 18% on Spot ETF Approval Hopes

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Ether Soars 18% on Spot ETF Approval Hopes

Ether (ETH) experienced a substantial surge of 18% within a 24-hour period, driven by renewed speculation that spot Ether exchange-traded funds (ETFs) might receive approval this week. This surprising development comes despite a long period of pessimism surrounding the matter. Bloomberg ETF analysts Eric Balchunas and James Seyffart reported discussions indicating that the United States securities regulator is urging applicants to hasten their 19b-4 filings. Consequently, the analysts have increased the probability of approval from 25% to 75%.

On the Polymarket decentralized betting platform, the likelihood of an approved spot Ether ETF similarly soared from 11% to 54%. As a result of this buzz, the price of Ether reached $3,625, marking a 16.1% rise since the speculation commenced slightly over three hours earlier, and an 18% increase over the last 24 hours based on data from CoinGecko.

This development surfaces just days before the U.S. Securities and Exchange Commission (SEC) is set to make a final decision on VanEck’s spot Ether ETF application, which is scheduled for May 23. Seyffart emphasized that the approval of 19b-4 filings must be complemented by S-1 registration statements being signed off for the spot Ether ETFs to be officially launched. According to his observations, even if 19b-4s receive approval this week, S-1 sign-offs could take weeks or even months.

Seyffart remains optimistic, suggesting that should the theoretical approvals materialize this week, it could indicate that S-1 approvals are more a question of “when” rather than “if.” This two-step approval process for 19b-4 and S-1 filings was initially highlighted by Nate Geraci, the president of The ETF Store, on May 19.

Other cryptocurrencies have also seen a rise over the past 24 hours. Bitcoin (BTC) registered a 5.1% increase, Solana (SOL) surged by 8.9%, and Dogecoin (DOGE) jumped by 9.2%, according to CoinGecko. Among Ethereum-linked assets, Uniswap (UNI), Lido DAO (LDO), and Lido Staked Ether (STETH) managed to outperform Ether itself during the same period.

The overall cryptocurrency market also enjoyed a positive 7.8% boost over the past day, achieving a market capitalization exceeding $2.7 trillion for the first time since April 11, based on CoinGecko data. This significant rise highlights the growing investor optimism and market-wide ripple effect initiated by the potential approval of the Ether ETFs.

While the immediate focus is on the spot Ether ETF approval, the entire crypto ecosystem seems to be riding on this wave of speculative optimism. The broader market’s reaction underscores the interconnected nature of cryptocurrency movements, where significant news about one asset can influence the performance of others.

The Ether market is currently buoyed by the high probability of spot ETF approvals, with the anticipation driving substantial price increases not just for Ether but for various other cryptocurrencies as well. Even as analysts temper expectations with potential delays in the S-1 registration process, the sentiment remains overwhelmingly positive, marking a notable shift in the cryptocurrency investing landscape.

16 thoughts on “Ether Soars 18% on Spot ETF Approval Hopes

  1. It’s amazing to see Ether putting up such strong numbers! This could be the start of something big.

  2. These analysts are just gassing up the market. Look beyond the hype, people.

  3. Watching Ether’s price soar is thrilling! Can’t wait to see what’s next.

  4. The market is on fire thanks to Ether’s massive jump! Loving the positive vibes.

  5. The SEC dragging its feet will just lead to drops after the hype fades. Classic crypto disappointment. 😠👎

  6. Incredible momentum for Ether! The 18% surge is just the beginning, in my opinion.

  7. Wow, what an incredible surge for Ether! This news is definitely a game-changer for the crypto market.

  8. ETH’s price spike based on mere speculation is ridiculous. People are going to get burned badly.

  9. Thrilled to see such a positive market reaction! Investing in Ether never felt so good!

  10. The potential ETF approval is sending shockwaves through the market! 🌊 I’m here for it!

  11. Oh great, more fuel for the moonboys and their unrealistic dreams. This won’t end well.

  12. So excited about these ETF speculations impacting Ether positively!

  13. The price action on Ether is truly something to behold! 💪🚀 Feeling optimistic about the future.

  14. Everyone’s riding the wave. I’m seeing a lot of tears when reality hits. 🌧️😬

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