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SEC to Decide on $ETH ETF Approval This Week; Odds Now at 75%

May 20, 2024, 07:56 PM

The SEC is expected to make a decision on the approval of Ethereum spot ETFs this week, with significant implications for the cryptocurrency market. The final deadline for the first spot ETH ETF, specifically VanEck's application, is set for Wednesday, May 23, followed by Ark Invest/21Shares on May 24. Market sentiment is volatile, with predictions on approval odds varying widely. Coinbase estimates a 30-40% chance of approval, while prediction markets like Polymarket have seen odds jump from 11% to 50% within hours, and Bloomberg analysts have increased their odds to 75%. This has led to a surge in Ethereum prices, which jumped 10% to $3,400. The decision is seen as a potential game-changer for the crypto market, possibly indicating a shift in U.S. crypto policy. Grayscale's Ethereum Trust ($ETHE) surged 21% on the news. The market is also reacting to broader digital asset investment trends, with significant inflows reported last week.