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Market reaction to a potential denial of Ethereum ETF applications
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Story
SEC to Decide on Ethereum ETF Approval This Week, 75% Odds by May 23
May 21, 2024, 07:29 AM
The U.S. Securities and Exchange Commission (SEC) is expected to make a decision on the approval of spot Ethereum (ETH) ETFs this week, with deadlines for VanEck and ArkInvest/21Shares applications on May 23 and May 24, respectively. Bloomberg analysts have raised the probability of approval to 75%, up from 25%, leading to a surge in Ethereum prices by approximately 23% to $3,600. The SEC has asked exchanges, including Nasdaq, to expedite their 19b-4 filings, signaling a potential positive outcome. Market sentiment has shifted dramatically, with Polymarket odds of approval jumping from 15% to 50%. The anticipation of ETF approval has also led to increased trading activity and open interest in Ethereum, now at a record-breaking $14 billion.
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