With the possibility of the Securities and Exchange Commission (SEC) approving an Ethereum spot ETF, Ether has surged nearly 20% in the past 12 hours. Bloomberg analyst Eric Balchunas has raised the approval probability from 25% to 75% and stated this morning at 7 am that the SEC has requested the applicant institutions to submit the revised 19b-4 form by 10 am tomorrow.
(Previous summary:
ETH surges 20% breaking $3,700! Bloomberg analyst reports SEC approval probability for Ethereum spot ETF increases to 75%..)
(Background:
Countdown of 3 days for the review of Ethereum spot ETF: Will the SEC technically reject it? If it is denied, the issuer will file a lawsuit.)
Table of Contents:
Analyst: 19b-4 to be approved by Wednesday at the earliest
Will the SEC only approve one of the rules?
Ether surges 20%
Ether has surged nearly 20% in the past 12 hours because Bloomberg ETF analyst Eric Balchunas made an unusual post around 3 am this morning stating, “James Seyffart and I have raised our probability of approval for the Ethereum spot ETF to 75% (up from 25%).”
Further reading:
ETH surges 20% breaking $3,700! Bloomberg analyst reports SEC approval probability for Ethereum spot ETF increases to 75%..)
At 7 am this morning, Balchunas tweeted again, stating that the issuers approaching the review deadline are VanEck, Ark/21Shares, and Grayscale. The SEC will make the final decisions on the 23rd, 24th, and 30th, respectively.
However, it should be noted that Balchunas and another Bloomberg analyst, Seyffart, later emphasized that the 19b-4 (exchange rule change) is more likely to be approved on Wednesday, and 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, and the time gap between the two may take several weeks or even months, causing technical delays in the listing process.
Although the SEC’s final position is still uncertain, the price of Ether has surged due to this news. According to Binance spot market data, after the news was released at 3 am this morning, Ether rose more than 6% within 15 minutes from around $3,150 and then skyrocketed. At the time of writing, it reached a high of $3,721, with an increase of nearly 20% in the past 12 hours, and is currently trading at $3,659.78.
ETH price chart | Source: Binance
Related Reports
ETH volatility warning: Multiple fund companies predict “Ethereum spot ETF” will be rejected by the SEC next week, what’s next for the issuer?
Bloomberg analyst: Very slim chance for Ethereum spot ETF approval next week, the turning point will be at the end of the year.
What will happen if the SEC rejects the Ethereum spot ETF? JPMorgan: It may face legal challenges and is likely to lose the lawsuit.