On Monday, May 20th, Bloomberg ETF analyst Eric Balchunas posted on X, raising his chances of a spot ETF approval from 25% to 75%. Within an hour, the post received over one million views. Balchunas is regarded as one of the most trusted sources in the crypto ETF space after playing a role in news coverage of the spot Bitcoin ETFs, which were released in January 2024. The update from Balchunas made waves in the crypto markets, causing the price of ETH to skyrocket over 10% within minutes.

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Balchunas said that he is “hearing chatter this afternoon that SEC could be doing a 180 on” spot Ethereum ETF applications. The SEC has been largely quiet about Ethereum ETFs over the past…

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