Ethereum Soars As ETF Analysts Increase Odds for ETH ETF Approval To 75%

Two of the industry’s top ETF analysts have increased the likelihood of a spot Ethereum ETF approval to 75% from 25% as the Securities and Exchange Commission (SEC) approaches its May 23 deadline to respond to the first applications.

Blackrock and Fidelity are the first to receive a response from the SEC.

According to Bloomberg analysts Eric Balchunas and Jeff Seyffart, the increase is due to Balchunas “hearing chatter this afternoon that the SEC could do a 180.” He said ETF filings have become increasingly a political issue.

Ethereum soared by more than 12% to $3,428 as speculation mounts. The token is approaching the $3,500 mark for the first time since early April.

Meanwhile, Grayscale’s Ethereum ETF fund has spiked even more, flying 23% now trading for $28.80. But ETH isn’t alone in its price action, and has sent the entire crypto market flying. Bitcoin jumped 5% as it approaches the $70,000 mark.

After the spot Bitcoin ETFs took nearly ten years to get approved, analysts remained mostly bearish that the Ethereum ETF could take a more expedited route. But that appears to have changed, and has caught most off guard, including Balchunas and his colleague Seyffart.

“Now everyone is scrambling (like us, everyone else assumed they’d be denied),” he posted on X, adding that they have capped the likelihood at 75% pending more information, and updates on filings.

Several of the world’s largest asset managers have filed for a spot Ethereum ETF. The latest was $1.6 trillion fund Franklin Templeton, who joined $4.6 trillion Fidelity which had recently added ETH staking to its filing.