Crypto enthusiasts are experiencing a resurgence of optimism following speculation that a spot Ether exchange-traded fund (ETF) may soon be approved. Reports suggest that the United States Securities and Exchange Commission (SEC) has reversed its stance on spot Ether ETFs and has requested ETF exchanges to update their 19b-4 filings, possibly due to political pressure. As a result, Ether (ETH) has seen a 19.4% surge in the past 24 hours, reaching a trading price of $3,685, its highest since April 9, according to CoinGecko. While the exact cause of this sudden shift is unknown, industry experts such as Bloomberg ETF analyst Eric Balchunas believe that it may be due to changing sentiment within Congress regarding cryptocurrencies. Henrik Andersson, the chief investment officer at asset manager Apollo Crypto, commented that an ETF approval now seems likely, attributing this to a “turning tide” in Washington that was sparked by the rejection of bill SAB 121 by members of both parties. Andersson also noted that crypto-owning Americans could be a significant voting group in the upcoming election year. Adam Cochran, partner at venture capital firm Cinneamhain Ventures, added that this could signal the end of “operation choke point 2.0,” a period of SEC lawsuits and a newfound support for crypto-friendly regulations. Meanwhile, Mike Novogratz, founder and CEO of Galaxy Digital, expressed his confidence in the cryptocurrency industry and the potential for institutional adoption over the next 12 to 24 months. The increasing importance of digital assets in the lead-up to the U.S. election has been evident, with Republican candidate Donald Trump making efforts to win support from the industry. A recent poll conducted by Digital Currency Group revealed that a candidate’s stance on cryptocurrencies could influence voters in swing states. As the presidential election approaches on November 5, 2024, the impact of cryptocurrencies on politics continues to grow.
Bullish Sentiment Returns as Ether ETF Expectations Rise After Winter Season