Green Light for Ethereum ETFs? Analyst Says Odds Are Looking Up

• Analyst ups odds of spot ETH ETF approval to 75%
• ETH rose over $590; 19% increase in the past 24 hours
• Market surges on ETF approval speculation

Anticipation surrounding the potential approval of a spot ETH Exchange-Traded Fund (ETF) in the US has intensified after a Bloomberg ETF analyst significantly increased his estimate of the likelihood.

Eric Balchunas, who previously assigned a low 25% chance of approval, now sees a significantly higher probability of 75%. In a social media post, Balchunas cited growing political pressure as a potential factor influencing the SEC decision-making.

“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 (increasingly political issue), so now everyone scrambling (like us everyone else assumed they’d be denied).”

As shown by Velo data, Balchunas’ statement sparked a surge in the price of ETH, which rose over $590, resulting in a $70 billion increase in market capitalization. This is Ether’s largest single-day increase in market value in history. 

According to CoinMarketCap data, the price of ETH wa…

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