casinonodeposit| The market is optimistic that ETFs will be approved, Ethereum has surged for two consecutive days

As investors become optimistic about the application results of Ethereum Spot Exchange Traded Funds (ETFs)casinonodeposit, following a 13-point gain on Mondaycasinonodeposit.8% aftercasinonodepositEthereum rose another 8% on Tuesday to $3775, the highest level in two months.

U.S. regulators will make decisions on some Ethereum spot ETF applications this week. Analysts and investors said Ethereum surged Tuesday because of unconfirmed rumors that the U.S. Securities and Exchange Commission might approve the products.

Earlier this year, Bitcoin rose sharply after the SEC approved a batch of Bitcoin spot ETFs, which also received billions of dollars in inflows. So far in 2024, Bitcoin has risen 67%. Ethereum has risen 60% so far this year.

Ben Laidler, global market strategist at eToro, said: "Ethereum has taken the lead in the latest cryptocurrency rally ahead of Thursday's SEC deadline for a decision on the Ethereum Spot ETF." "There is a slim chance that the Ethereum Spot ETF will be fully approved, but any guidance on the path to final approval would be a big step forward."

It is reported that VanEck, ARK Investment Management and seven other issuers have submitted applications for listing the Ethereum Spot ETF with the SEC. The SEC must decide on VanEck's and ARK's filings by May 23 and May 24, respectively.

According to media citing multiple people familiar with the matter, the SEC on Monday asked Nasdaq, Chicago Board Options Exchange and New York Stock Exchange to adjust their Ethereum ETF listing applications, indicating that the SEC may be prepared to approve these applications. The latest development is that SEC officials have asked the exchanges to file applications by Tuesday at the latest.

Reports said the SEC on Monday asked an Ethereum ETF issuer to update its 19b-4 filing. Form 19b-4 is typically used to notify the SEC of rule changes that allow funds to trade on exchanges. ETF issuers need to obtain Form 19b-4 approval and S-1 registration statement before they can officially launch their products. ETF analyst Eric Balchunas said he expects the probability of approval for a spot Ethereum ETF to rise from 25% to 75%.

Some analysts say that if the Ethereum ETF is approved, it may cause market demand to surge, which will lead to tight supply of Ethereum and push up prices. Joe Lubin, co-founder of Ethereum and founder of crypto infrastructure company Consensus, said that institutions that have gained Bitcoin exposure through the newly launched Bitcoin ETF "are likely to want to diversify their way to investing in a second approved cryptocurrency ETF."

In addition, some analysts believe that the launch of the Ethereum ETF may have a negative impact on the spot Bitcoin ETF and Bitcoin itself, and market funds will shift from Bitcoin ETF to Ethereum ETF.