- The US SEC just requested exchanges to update their filings on ETH ETF approval.
- This means the possibility of an early ETH ETF approval just shot up by 75%.
- The price of ETH saw massive surge following amidst bullish speculation.
The crypto market is in a frenzy not only because of the Bitcoin (BTC) reentering price recovery phase, but also over the chance of an early ETH ETF approval. This expectation comes from a move made by the SEC.
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In detail, the US SEC has asked exchanges to update their 19B-2 filings on an accelerated basis for Spot ETH ETFs. This has led to an increased expectation for an early approval for Spot Ether ETFs.
In fact, the expectations for an early approval shot up from 25% to 75%. The request from the US SEC has instead added to the bullish fuel that has captivated the crypto market today. Many long-term crypto traders are predicting highly bullish market movements soon including new ATHs for Bitcoin.
While Bitcoin’s rally has the crypto community believing in the inevitable start to the golden bull run phase, others say the approval of the Spot ETH ETF will signal the official bullish start for altseason.
One trader marks how ETH ETF approval was only expected in 2025 but now, the approval may come early. If it does, he says it could launch up into the next phase of the ongoing bull cycle. Thus, the ETH ETF approval would be a huge catalyst for ETH price and the greater crypto sphere.
Upon the arrival of the true altseason fueled by the approval of the Spot ETH ETFs, the crypto space will likely see altcoins go parabolic. This means explosive news ATHs could expected not just for Bitcoin (BTC) and Ether (ETH), but for all other altcoins as well.
Presently, the price of Ethereum’s native cryptocurrency Ether (ETH) is at $3,673 according to CoinMarketCap. The asset is up by 18% in the last 24 hours and shot up by just over $3,000. It seems the asset is following Bitcoin’s impressive rally and is also heading into new ATH territory.
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