The world’s second-largest cryptocurrency, Ethereum (ETH), has experienced a robust bullish surge, gaining 20% in the past 24 hours. This rally comes amid increasing optimism for the approval of a spot Ethereum ETF.
As of press time, the Ethereum (ETH) price is trading 19.64% up at $3,692 with a market cap of $443 billion. With this, ETH has extended its weekly gains to more than 25%. On the other hand, the daily trading volume for ETH has also skyrocketed by a staggering 264% to over $36.24 billion.
This happened as the U.S. SEC pushed the issuer to update their 19b-4 filings for spot Ethereum ETF on Monday. Until last weekend, market analysts were not hopeful of the SEC’s nod for a spot Ethereum ETF. This was specifically due to the lack of communication between the SEC and the issuers.
However, after yesterday’s developments, market analysts have increased the odds of a spot Ether ETF approval from 25% earlier to now at over 75%. Popular crypto analyst Michael van de Poppe noted:
“The chances of denial on the spot Ethereum ETF have decreased by a mile. Perhaps there’s a delay, but the chances of an approval before August is significant. The bull market is here”.
The first decision over the VanEck spot Ethereum ETF will come by Thursday, May 23. Thus, we can expect some price volatility to continue going further. Any positive development can further steer the Ether price all the way to $4,000 and above.
The Ethereum whales are back in action as they have scooped 110,000 ETH worth a staggering $341 million in the last 24 hours.
#Ethereum whales bought over 110,000 $ETH in the past 24 hours, worth around $341 million! pic.twitter.com/45mqxyqVu0
— Ali (@ali_charts) May 20, 2024
Also, the ETH/BTC pair has been on a sharp rise, despite the strong rally in Bitcoin. As a result, some market players have started exchanging their Bitcoins for Ethereum.
As the odds of spot Ethereum ETF approval increase, investor James Fickel (@jamesfickel) has borrowed 350 WBTC ($25 million) from Aave, converting it into 6,905 ETH to long the ETH/BTC trading pair. Fickel has maintained a long position on ETH/BTC since the launch of the Bitcoin ETF on January 10.
To date, Fickel has borrowed a total of 2,741 WBTC ($150.3 million) from Aave, exchanging it for 50,693 ETH at a rate of 0.05408.
As the #SEC requires exchanges to expedite the update of 19B-4 documents on $ETH #ETFs, the probability of approval of $ETH #ETFs has greatly increased.
James Fickel(@jamesfickel) continued to borrow 350 $WBTC($25M) from #Aave and exchanged it for 6,905 $ETH to go long the… pic.twitter.com/IYFmQyHVIP
— Lookonchain (@lookonchain) May 21, 2024
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