Analysts Boost Odds for Ethereum ETF Approval to 75% Amid SEC Chatter

On May 20, 2024, Bloomberg Intelligence exchange-traded fund (ETF) senior analyst Eric Balchunas informed his 274,000 X followers that he and his colleague James Seyffart had increased their expectations for the approval of a spot-based ethereum ETF. “Update: [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),” Balchunas said. “So now everyone scrambling (like us everyone else assumed they’d be denied). See Nate’s tweet below for probably order of events (but again we capping at 75% until we see more, eg filing updates).” The tweet Balchunas was referring to stemmed from the ETF Institute co-founder Nate Geraci who remarked, “[Securities and Exchange Commission] (SEC) decision deadline this week on spot eth ETFs… SEC must approve both the 19b-4s (exchange rule changes) & S-1s (registration statements) for ETFs to launch,” he added. Ethereum (ETH) is up 11.4% against the U.S. dollar trading for $3,475 per unit at 4:30 p.m. Eastern Time on Monday afternoon.