Ether (ETH) experienced a decent upswing in its value, surging over 15% and exceeding $3.5K. This intriguing increase happened after respected Bloomberg ETF analysts, Eric Balchunas and James Seyffart, raised the likelihood of spot ETH ETF approval by the U.S. Securities and Exchange Commission (SEC) to 75%, a significant leap from the previous forecast of 25%.
The sense of optimism was sparked by rumors suggesting that the SEC may reverse earlier rejections of the proposed funds which contributed to a rush of activity in the crypto market. All these developments occur in the same week when the SEC is set to make its final decisions after having postponed judgments on the funds numerous times.
Besides ETH, Bitcoin (BTC) also gained traction, rising by over 5% and edging near the $70,000 level. The Grayscale Ethereum Trust (ETHE), a proposed to-be-converted spot ETF, witnessed a significant uptick in its trading price. After being at a 20% discount due to speculated SEC disapproval, it rallied by over 23% on Monday.
Recent whisperings suggest that the SEC may fast-track the Ethereum Spot ETFs process. Sources have informed Coindesk that the SEC is pushing exchanges to speed up the update of their 19b-4 filings for the ETFs. This maneuver indicates that the SEC is looking to give the green light to these applications before the crucial deadline this week.
However, this acceleration does not automatically guarantee the authorization of Ethereum Spot ETFs. Prospective issuers must first get their S-1 applications approved, which would allow the products to commence trading. Unfortunately, the timing of the approval of the S-1 filings by the SEC remains uncertain as there isn’t a fixed deadline for this part of the process.