Ethereum Pumps 20% on Speculation That a Spot ETF Will Be Approved Today

Only one of the most important developments in Ethereum's history, anon. An Ethereum spot ETF (Exchange Traded-Fund) might get approved in the U.S. today

Ethereum, the second largest cryptocurrency by market cap, might be getting a spot ETF approved in the U.S. today, May 23.

This comes after months of waiting and anticipation, with several major investment firms, including BlackRock, VanEck, and Ark, filing for a spot ETF.

The deadline for SEC approval or denial of these applications started on May 23, and up until a few days ago, analysts largely believed that the ETFs would be denied.

However, the tables have turned, with Bloomberg senior analyst Eric Balchunas reporting chatter that the SEC has completely reversed its stance on Ethereum.

This was followed by a flurry of potential ETF issuers submitting amended 19b-4 forms to the SEC, indicating that there's a very good chance that the ETFs are on their way for approval.

These filings are essentially a confirmation of our earlier report on the matter, and while we know the sheer mention of something like a 19b-4 form made you fall asleep instantly.

But we mention it because there's another set of forms that need to be approved, the S-1 forms, and those are key for actual ETF approval.

In practice, this means we could get a very good indication that one or more (probably more) Ethereum ETFs are coming, but it might take weeks or months before they actually start trading.

As a result of these filings, the price of Ethereum rose from around $3,100 to $3,800, where it's trading at writing time.

Of course, nothing is official or set in stone. The Ethereum ETF applications could still get denied, though the consensus among experts is that it's now a question of when, not if, it will happen.

A denial would surely be a cold shower for Ethereum's price, at least in the short term.