Amid favourable regulatory developments increasing the chance that an ether exchange traded fund (ETF) will soon be approved, the Ether (ETH) opened the Asia business day trading above $3,600, up by 17 pet cent.
The CoinDesk has reported towards the close of the US business day on Monday that the Securities and Exchange Commission (SEC) had make abrupt progress in the approval of an Ether ETF by asking exchanges to update 19b-4 filings for ether ETFs.
The SEC asking exchanges to update 19b-4 filings, which propose rule changes, suggests potential progress toward spot Ether ETF approvals.
The ether implied volatility curve showing market expectations of future volatility across different strike prices and expirations, flattened as 25-delta risk reversals hit YTD highs above 18 per cent, and traders heavily bought $4000 calls for 24 May 2024 and 31 May, Presto Research analysts wrote in a note shared with CoinDesk.
Standard Chartered also expects the US SEC to approve ether ETFs this week.
The first round of spot ether ETF deadlines is fast approaching, with VanEck’s on May 23 and Ark Invest/21Shares’ on May 24.
Also, the Bloomberg analysts Eric Balchunas and James Seyffart have raised their approval predictions from 25% to 75%.
It is to be noted that the Ether has appreciated 17.96% against the US dollar, gaining $551 in value over the past few hours. Ether’s dominance within the $2.58 trillion cryptocurrency market is 17%, with an overall market valuation of $436 billion.