Currently, betting markets indicate a 61% chance of U.S. spot Ether ETF approval, up from less than 11% just a few days ago.
Expectations are high as the deadline for the U.S. Securities and Exchange Commission's (SEC) decision on spot Ether exchange-traded funds (ETFs) draws near.
In a statement to Cointelegraph, Lucas Kiely, chief investment officer of digital wealth platform Yield App, mentioned that while this week's abrupt 20% rise in the price of Ether "took many by surprise," investors should do their diligence and tread carefully moving forward: "The SEC hasn't even made its decision on the ETH spot ETFs yet, it could still go either way," he wrote. "even if it is approved, we're likely to still see a pullback in the short term like we did with spot BTC ETFs."
Jeff Owens, co-founder of layer-1 blockchain Haven1, agrees: "The unexpected move in Ether's price demonstrates the high stakes surrounding the SEC's potential approval of a spot ETH ETF," he commented while noting that approval will likely initiate a broad sector rally among altcoins, many of which are built on the Ethereum Virtual Machin: "We've already seen the impact on ETH and on the price of most altcoins, especially L2s like Arbitrum and Optimism, and DeFi stalwarts like Uniswap and Aave."
