Approval of Spot Ether ETFs by SEC Expected to Catch Many Off Guard

In spite of the skepticism surrounding the approval of spot Ether exchange-traded funds (ETFs) by the US Securities and Exchange Commission (SEC), some analysts believe that there is potential for a surprise approval. Matthew Hyland, a crypto trader, stated that if the SEC were to approve the ETFs, it would catch many people off guard. He noted that since most people expect the ETFs to be denied, this expectation is already factored into the market. As of now, Ether is trading at $3,102. CoinMarketCap data shows that Ether has experienced a 6.31% increase in the past week. Bloomberg ETF analyst Eric Balchunas has estimated the odds of approval at 35%, while the broader crypto community predicts a 7% chance of approval, according to Polymarket. On the other hand, David Han, an analyst at Coinbase, believes that there is room for a positive surprise in the SEC’s decision. He stated that the odds of approval are closer to 30-40%. Han also suggested that as cryptocurrency becomes a more significant issue in the upcoming US presidential election, the SEC may be less inclined to deny the ETFs. He further argued that even if the VanEck and ARK Invest ETF applications are initially denied, there is a possibility that litigation could overturn that decision.