Spot Ethereum ETFThe critical decision week has come for ‘s. Until this week, market analysts, including Bloomberg ETF analysts, thought there was little chance the SEC would approve spot ETH ETFs.
Ethereum ETF Approval Possibility Increased!
However, the ETF pessimism that lasted for weeks suddenly changed yesterday and the probability of the SEC’s approval of ETFs increased to 75% again.
Blommberg ETF analysts Eric Balchunas and James Seyffart They think their shares are much higher.
Bloomberg Senior ETF Analyst Eric Balchunas said: “James Seyffart and I raise our probability of spot Ethereum ETF approval to 75% (from 25% to 75%)” said.
Has Joe Biden’s Cryptocurrency Policy Changed?
After these statements Ethereum and Bitcoin (BTC) While there were sharp increases in altcoins with this change in spot ETH ETFs, It was evaluated that the change in US President Joe Biden’s crypto policy could be a clue.
Analysts claim that while there may not be a complete reversal on Biden’s anti-crypto stance, the Biden administration will take a more conciliatory approach towards crypto to avoid alienating potential voters in what could be a very contentious election.
At this point, analysts evaluate that this sudden change in the approval status of ETH ETFs may be a reflection of the Biden government’s policy change.
Speaking to The Block, Eric Balchunas said:
“Some of the political policy seems to have changed rapidly with the increasing likelihood of approvals on Spot Ethereum ETFs.
We see that cryptocurrencies in general are becoming a more politicized issue ahead of the upcoming presidential elections.
I’m not entirely sure, but President Joe Biden’s administration may be trying to appear less stubborn about cryptocurrencies.
“In contrast, rejecting Ethereum ETFs could further fuel the notion that the current president and his administration are anti-crypto.”
First in a series of spot Ethereum ETF filings with the SEC VanEck It is located. The SEC will make its final decision on VanEck’s application on May 23.
*This is not investment advice.
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