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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.
Already modestly higher during U.S. trading hours Monday, the price of ether (ETH) 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 (BTC) 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.
Stephen Alpher
Stephen is CoinDesk's managing editor for Markets. He previously served as managing editor at Seeking Alpha. A native of suburban Washington, D.C., Stephen went to the University of Pennsylvania's Wharton School, majoring in finance. He holds BTC above CoinDesk’s disclosure threshold of $1,000.
