Cryptocurrency market data platforms

SEC to Decide on Ethereum ETF Approval This Week as Odds Rise to 75%

May 20, 2024, 10:36 PM

The U.S. Securities and Exchange Commission (SEC) is set to make a decision on the approval of spot Ethereum (ETH) exchange-traded funds (ETFs) this week, with deadlines for VanEck and Ark Invest/21Shares on May 23 and May 24, respectively. Market sentiment has shifted dramatically, with Bloomberg analysts increasing the odds of approval to 75%, up from 25%. This has led to a surge in Ethereum's price, which has risen by 20% to over $3,700. Coinbase estimates the approval chance at 30-40%, while Polymarket's odds have jumped to 68%. The potential approval is seen as a significant political shift, possibly influenced by the Biden administration's desire to appear more crypto-friendly. The market's anticipation of the SEC decision has resulted in Ethereum's largest single-day market cap gain, adding $70.7 billion.