The price of ether {{ETH}} was already modestly higher during US trading hours on Monday, rising more than 10% after two closely followed Bloomberg ETF analysts significantly increased their odds that the US Securities and Exchange Commission will spot ETH would approve ETFs.
“James Seyffart and I are increasing our odds of Ether ETF approval to 75% (from 25%), and heard this afternoon that the SEC might do a 180 on this (increasingly political topic), so now everyone (like us) is scrambling all others assumed they would be denied),” Bloomberg Senior ETF Analyst Eric Balchunas tweeted.
Read more: Ether ETF’s Filing Process Sees Abrupt Progress, Though Approval Not Guaranteed: Sources
The SEC is facing some final on-site deadlines for ETF approval/denial this week after delaying decisions on the funds a number of times.
Bitcoin {{BTC}} is adding to the gains alongside ETH’s advances, now up over 5% and just below the $70,000 mark. Also on the move is the Grayscale Ethereum Trust (ETHE), a closed-end fund that Grayscale has proposed converting into a spot ETF. The stock recently traded at a more than 20% discount to net asset value as investors bet on SEC approval, but is now up more than 23% on Monday.
