🔹 Analysts’ Perspective: Bloomberg ETF analysts Eric Balchunas and James Seyffart have raised the chances of approval for a U.S. spot Ethereum ETF from 25% to 75%. This optimism caused Ethereum’s price to jump 8.3%. 📈
🔹 Shift in SEC Stance: Previously, analysts cited the SEC’s lack of support as a major obstacle. However, political factors may push the regulator to take a complete “180-degree turn,” according to Balchunas. 🚀
🔹 Key Dates: The first deadline for approval is May 23, though fund managers did not anticipate approval this week.
🔹 Market Impact: Over the past 24 hours, approximately $150 million in short positions on cryptocurrency derivatives were liquidated, reflecting growing market confidence.