Ethereum Surges as ETF Approval Chances Jump to 75%

Ethereum (ETH) has seen a sharp rise in value after Bloomberg analysts significantly increased their expectations for the approval of an Ethereum exchange-traded fund (ETF) by the U.S. Securities and Exchange Commission (SEC).

Increased Odds

Eric Balchunas and James Seyffart, Bloomberg analysts, have raised their estimate of a spot Ethereum ETF approval from 25% to 75%. They cited a perceived shift in the SEC’s stance.

“We are increasing our odds of spot Ether ETF approval to 75% (up from 25%),” Balchunas and Seyffart said. “We’re hearing chatter that the SEC may be changing its tune on this increasingly political issue.”

Political Spotlight

The crypto industry has recently gained political attention. Former President Trump has positioned himself as a supporter of crypto, while Democrats have opposed President Biden’s veto threat on SEC-related crypto legislation.

Price Impact

The news has boosted the price of ETH from $3,143 to $3,676 at the time of writing. The broader crypto market has also rallied, with Bitcoin (BTC) rising from $66,800 to $71,248.