Ahead of SEC’s spot Ethereum ETF Approval decision, Bitcoin (BTC) and ETH made a big jump. On early Tuesday (May 21, 2024), Bitcoin surged to $71,000, while Ether witnessed a growth of 19%, resulting in its prices reaching a mark of $3,700. In the next 24 hours, Bitcoin’s price witnessed a drop of 1.90%. As of now, the Bitcoin’s price stands at $69,802.75. BTC prices experienced a slight fall, while Ethereum’s prices were stable. In the past 24 hours, ETH’s price soared above $3,800 with a growth of 2.71%. As of now, Ethereum’s price stands tall at $3,758.03.
Besides this, Solana (another leading cryptocurrency) also experienced good growth in the last two days. On May 21, 2024, the Solana price soared above $183. With a slight fall of 0.56% the next day, Solana’s price currently stands at $180.08.
Reports suggest that Eric Balchunas’s post on X (formerly Twitter) about his prediction regarding the spot Ethereum ETF approval was the main reason behind the price surge.
What Does Eric Balchunas’ Post Reveal About the Ethereum ETF Approval?
Eric Balchunas is a Senior ETF Analyst for Bloomberg and is often considered one of the industry’s most reputable crypto experts.
On May 20, 2024, Nate Geraci (President of The ETF Store) published a new post on X (formerly Twitter). The post provides significant information about this week’s deadline for the SEC’s decision on Ethereum ETF approval. Moreover, Nate wrote about the possibility of the SEC approving 19b-4s (one of the filings for the ETF approval decision).
Since Geraci’s post became viral, Eric Balchunas also came forward to offer his viewpoints on this. He reposted Nate Geraci’s post with his own additional comments.
Eric wrote,
“James Seyffart and I are increasing our odds of spot Ether ETF approval to 75% (up from 25%), hearing chatter this afternoon that SEC could be doing a 180 on this (an increasingly political issue), ……………………………. (But again, we capping at 75% until we see more, e.g. filing updates).”
A renowned crypto personality like James Seyffart making such a prediction about Ether ETF approval is significant news. Therefore, at the very least, a price surge was expected. And the same thing happened: Within a few hours, Bitcoin, Ethereum, and Solana made a huge jump.
SEC’s Decision on VanEck’s Spot Ethereum ETF: How It Can Be a Key Factor in Ethereum’s Price Surge?
Rumors suggest that the SEC is set to make a decision on the approval of VanEck’s spot ETH ETF approval by May 23. At the time of applying for the approval of spot Ethereum ETF, various investment management companies submitted their independent applications. Prominent investment management firms include.
- ARK 21 Shares
- BlackRock
- Hashdex
- VanEck
- Fidelity & Many More.
Since VanECK first filed for a spot in ETH ETF in September 2023, the SEC is required to pass a decision on their application on May 23.
After VanECK, the SEC has to decide the fate of BlackRock and ARK Invest’s applications.
Ric Edelman Presents a Counter Viewpoint on Spot Ethereum ETF Approval
Ric Edelman, the head of the Digital Asset Council of Financial Professionals, put forward a new direction toward the SEC’s decision on spot Ethereum ETF approval. In an interview with CNBC’s Bob Pisani, Edelman made some shocking comments.
Bob Pisani questioned
May 23- Approved, Deny, or Delay?
In response, Edelman said,
“Deny. I would be astonished if the SEC said ‘yes’ at this point. We are looking into the traffic between the SEC and VanECK, and typically, as we approach the deadline, if they intend to approve, there are a lot of meetings back and forth as they hone in on the application. And that is not happening. The chances are relatively low.”
Thus, Ric Edelman made it clear that the chances of securing the spot for Ethereum ETF approval are very low.
However, many other experts and industry people are expecting the SEC to approve spot Ethereum ETFs.
What to Expect?
What will happen on May 23? Will VanECK’s spot Ethereum ETFs be approved, denied, or delayed? One can only wait to know the answers to these questions. However, if we go by the insiders’ rumors, the SEC will indeed decide to favor spot Ethereum ETFs.
