Crypto prices have surged on signs of momentum toward US approval of exchange-traded funds investing directly in second-largest token Ether, a shift from a more downbeat outlook as recently as last week.
The market-moving speculation about spot-Ether ETFs is something of a redux of the investor enthusiasm that greeted comparable US Bitcoin funds, whose January listing spurred a rally in the biggest digital asset to a record high.
The US Securities & Exchange Commission contacted at least one exchange and at least one potential spot-Ether ETF issuer to update related 19b-4 filings, according to people familiar with the matter, who asked not to be identified as the matter is private. That’s a sign that odds for SEC approval may be rising, one of the people said. The dialog is an unexpected shift but a green light is by no means guaranteed, the person added. The 19b-4 filings are just some of the required paperwork.
Ether is the native token of the Ethereum blockchain, the most important commercial highway in crypto. The network is popular for decentralized financial services, where investors trade, borrow and lend via automated software protocols rather than traditional intermediaries. ON Monday, Bloomberg Intelligence ETF analyst Eric Balchunas said he and his colleague James Seyffart had increased the estimated probability that a spot-Ether ETF gets approved to 75 percent from 25 percent.
Caution was still evident among some investors. Ravi Doshi, head of markets at FalconX, said that the company’s “derivatives desk has seen the majority of our counterparties fade the move with the expectation that the SEC will move slower than the markets are anticipating.”
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