Ethereum

Standard

<h2 id="key-points">Key Points</h2> 
<ul> 
 <li>Ethereum has just registered the largest one-day point move ever.</li> 
 <li>The move comes following speculation of the SEC’s potential approval for ETH ETFs this week.</li> 
</ul> 
According to the latest data coming from Matrixport, Ethereum has just registered the largest one-day point move ever. This comes following multiple reports that the SEC could approve the ETH ETFs during this week. 
Matrixport reveals that the largest one-day point was on May 20. 
In a post on X, they also noted that while the previous largest moves have clustered around the May 2021 period when DeFi volumes were near their peak and Ethereum staking became hot, the two large moves in 2024 are so far policy-driven, according to them. 
The team at Matrixport referred to the SEC and the Federal Open Market Committee (FOMC) meeting as a potential catalyst for an Ethereum ETF approval. 
They also <a href="https://x.com/realMatrixport/status/1793220765137228111" rel="nofollow" target="_blank">shared</a> a graph via X, showing Ethereum’s one-day point moves in 2021 and 2024. 
<a href="https://x.com/realMatrixport/status/1793220765137228111/photo/1" rel="nofollow" target="_blank"><img decoding="async" class="alignnone" src="https://pbs.twimg.com/media/GOLMbisaQAA5W4X?format=png&amp;name=medium" alt="GOLMbisaQAA5W4X?format=png&amp;name=medium" width="1080" height="646" title="Ethereum Registered The Largest One-Day Point Move Ever On May 20 5"></a> 
<h2 id="ethereum-etfs-approval-probability-remains-at-75">Ethereum ETFs’ approval probability remains at 75%</h2> 
Earlier today, we reported that Bloomberg’s&nbsp;<a href="https://x.com/JSeyff" target="_blank" rel="nofollow noopener">James Seyffart&nbsp;</a>posted via his X account that there are at least five of the potential Ethereum ETF issuers who have already submitted their amended applications via CBOE. 
The firms are Fidelity, VanEck, Invesco/Galaxy, Ark/21Shares, and Franklin Templeton. 
Seyffart continued and said that the crypto products might still be a long way from a launch. On the other hand, these filings are proof that all of the rumors and speculation about the issue have been accurate. 
Syeffart also&nbsp;<a href="https://x.com/JSeyff/status/1793061065665687893" target="_blank" rel="nofollow noopener">posted</a>&nbsp;a message, saying that the Bloomberg approval odds for the crypto products remain at 75%. 
On May 20, Bloomberg’s Eric Balchunas, together with Seyffart,&nbsp;<a href="https://crypto.ro/en/news/ethereum-price-surges-to-3600-as-eth-etf-approval-chance-rises-to-75/">raised the odds</a> for a potential approval of <a href="https://crypto.ro/en/news/ethereum-soars-to-a-two-month-peak-against-bitcoin-as-btc-nears-69k-milestone/">Ethereum</a> ETFs from 25% to 75%. He said that the reason could reportedly involve political pressure. 
Standard Chartered Bank&nbsp;Head of FX Research and Digital Assets Research Geoff Kendrick also revealed his <a href="https://crypto.ro/en/news/ethereum-etfs-approval-to-trigger-up-to-45b-inflows-in-first-12-months/">optimism</a> regarding a potential approval by the SEC for Ethereum ETFs. 
Recently, Coinbase also predicted the approval of the crypto products. 
In an official <a href="https://www.coinbase.com/en-gb/institutional/research-insights/research/monthly-outlook/monthly-outlook-may-2024" rel="nofollow noopener" target="_blank">blog post</a>, they noted that ETH’s historical trading patterns indicate that it benefits from a mix of both “store-of-value” and “technology-token” narratives. 
They also said that <a href="https://crypto.ro/en/news/ethereum-soars-to-a-two-month-peak-against-bitcoin-as-btc-nears-69k-milestone/">Ethereum</a>&nbsp;has the potential to surprise to the upside later in the cycle. 
As quoted by Decrypt, Coinbase noted that “while there is uncertainty around a timely approval given the SEC’s apparent silence with issuers,” it’s only a matter of time before such a crypto product hits the market. 
Meanwhile, the SEC has&nbsp;reportedly requested document updates from potential ETF issuers and exchanges. 
According to official reports, the US SEC’s final decisions on applications by VanEck and Ark Invest are due tomorrow, May 23, and Friday, May 24 respectively.

Ethereum Registered The Largest One-Day Point Move Ever On May 20

Table of Contents

crypto.ro global

Other articles published on May 22, 2024

VanEck's Spot Ethereum ETF Listed On DTCC As SEC Decision Looms

Swiss FinTech Giant Taurus Expands to North America

COTI V2 Dev Network Launches: High-Speed Blockchain Privacy

Probe finds Effective Ventures charity acted ‘diligently’ after FTX collapse

Two Ethereum-Based Altcoins Witnessing Abrupt Surge in Whale Activity Amid Marketwide Bounce: San...

Dogecoin Eyes $0.2 Milestone: Analyst Predicts Bullish Breakout

Join our free newsletter for daily crypto updates!