Bankless BREAKING: The ETH ETF is getting approved?!
May 20, 2024
Amid rising optimism, the potential approval of an Ethereum ETF has seen approval odds soar from 25% to 75%. The discussion dives into political influences shaping these expectations and the significant market impact tied to institutional investor sentiment. As the May 23rd deadline approaches, the shifting landscape illustrates contrasting feelings from recent pessimism to newfound excitement. The interplay between Ethereum and Bitcoin ETFs is highlighted, showcasing Ethereum's unique role and the influence of social media on crypto discussions.
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ETF Approval Odds Increase
- Bloomberg analysts Eric Balchunas and James Seyffert increased their spot ETH ETF approval odds to 75%.
- They cite "chatter" and the SEC possibly reversing its stance on this "increasingly political issue."
Political Pressure Mounts
- The increased odds likely stem from political pressure following the SAAB 121 vote.
- Many Democrats defied Biden's anti-crypto stance, signaling a potential shift in the political landscape.
Last-Minute Developments
- Just days before, James Seyffert tweeted that the ETH ETF "just wasn't happening."
- This sudden change suggests last-minute activity and potential political maneuvering.