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<p>The post <a href="https://coinpedia.org/news/sec-move-increase-eth-etf-approval-odds-as-big-whales-ditch-bitcoin-for-ethereum/">SEC Move Increase ETH ETF Approval Odds As Big Whales Ditch Bitcoin for Ethereum</a> appeared first on <a href="https://coinpedia.org">Coinpedia Fintech News</a></p> 
<p>The U.S. Securities and Exchange Commission (SEC) has ordered exchanges to quickly update their 19B-4 documents related to Ethereum (ETH) Exchange-Traded Funds (ETFs). This move significantly increases the chances of ETH ETFs getting approved, potentially marking a major milestone in the cryptocurrency market.</p> 
<p>As analysts speculated about the possibility of a <a href="https://coinpedia.org/price-analysis/how-high-can-ethereum-price-surge-this-month-amidst-etf-speculation/" target="_blank" rel="noreferrer noopener">spot Ethereum ETF approval</a>, large investors, mainly big “whales,” increased their bullish positions on the world’s second-largest cryptocurrency.&nbsp;</p> 
<h2 class="wp-block-heading" id="h-sec-request-to-update-19b-4-filings">SEC Request To Update 19b-4 filings</h2> 
<p>Currently, <a href="https://markets.coinpedia.org/ethereum/" target="_blank" rel="noreferrer noopener">Ethereum</a> (ETH) is trading at $3,692, marking a 19.64% increase, with a market cap of $437 billion. Moreover, the daily trading volume for ETH has skyrocketed by an impressive 264%, surpassing $36.67 billion.</p> 
<p>This notable price surge came after the U.S. SEC urged issuers to update their 19b-4 filings for a spot Ethereum ETF on Monday. Earlier, market analysts were not hopeful about the SEC’s approval of a spot Ethereum ETF due to communication gaps between the SEC and the issuers.</p> 
<p>However, recent developments have led market analysts to raise the odds of a spot Ether ETF approval from 25% to over 75%, as noted by crypto analyst Michael van de Poppe’s tweet.</p> 
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   <p lang="en" dir="ltr">The chances of denial on the <a href="https://twitter.com/hashtag/Ethereum?src=hash&amp;ref_src=twsrc%5Etfw">#Ethereum</a> ETF have decreased by a mile.<br><br>Perhaps there’s a delay, but the chances of an approval before August is significant.<br><br>The bull market is here. <a href="https://t.co/2vYKOI2YJn">https://t.co/2vYKOI2YJn</a></p>— Michaël van de Poppe (@CryptoMichNL) <a href="https://twitter.com/CryptoMichNL/status/1792656333650669755?ref_src=twsrc%5Etfw">May 20, 2024</a>
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<p>The first decision on the VanEck spot Ethereum ETF <a href="https://coinpedia.org/news/ethereum-etf-decision-approaches-what-will-happen-to-eth-prices/" target="_blank" rel="noreferrer noopener">is expected by&nbsp; May 23</a>, leading to ongoing price volatility. Positive developments could drive Ether’s price above $4,000.</p> 
<p>Additionally, the ETH/BTC pair has been on a sharp rise, even amid Bitcoin’s strong rally. Meanwhile, some big players have begun exchanging their Bitcoins for Ethereum.</p> 
<h2 class="wp-block-heading" id="h-whales-accumulating-eth-over-btc">Whales Accumulating ETH Over BTC</h2> 
<p>According to data from blockchain analytics platform Lookonchain, James Fickel the founder of Amaranth Foundation has recently borrowed 350 WBTC, equivalent to approximately $25 million, and exchanged it for 6,905 $ETH.&nbsp;</p> 
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   <p lang="en" dir="ltr">As the <a href="https://twitter.com/hashtag/SEC?src=hash&amp;ref_src=twsrc%5Etfw">#SEC</a> requires exchanges to expedite the update of 19B-4 documents on <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$ETH</a> <a href="https://twitter.com/hashtag/ETFs?src=hash&amp;ref_src=twsrc%5Etfw">#ETFs</a>, the probability of approval of <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$ETH</a> <a href="https://twitter.com/hashtag/ETFs?src=hash&amp;ref_src=twsrc%5Etfw">#ETFs</a> has greatly increased.<br><br>James Fickel(<a href="https://twitter.com/jamesfickel?ref_src=twsrc%5Etfw">@jamesfickel</a>) continued to borrow 350 <a href="https://twitter.com/search?q=%24WBTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$WBTC</a>($25M) from <a href="https://twitter.com/hashtag/Aave?src=hash&amp;ref_src=twsrc%5Etfw">#Aave</a> and exchanged it for 6,905 <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$ETH</a> to go long the… <a href="https://t.co/IYFmQyHVIP">pic.twitter.com/IYFmQyHVIP</a></p>— Lookonchain (@lookonchain) <a href="https://twitter.com/lookonchain/status/1792751619580567886?ref_src=twsrc%5Etfw">May 21, 2024</a>
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<p>This move highlights his bullish stance on the ETH/BTC trading pair, reflecting his confidence in Ethereum’s potential outperformance against Bitcoin. To date, Fickel has acquired 2,741 WBTC ($150.3 million) through Aave, converting it into 50,693 ETH at a rate of 0.05408.&nbsp;</p> 
<p>This positive shift in sentiment follows months of negative from experts about the approval, which had kept Ethereum from rising like Bitcoin.</p> 
<p>Also Check Out : <a href="https://coinpedia.org/price-analysis/crypto-market-explodes-as-eth-price-scales-ldo-and-pyth-price-record-massive-gains/">Crypto Market Explodes as ETH Price Scales: LDO and&nbsp; PYTH Price Record Massive Gains</a></p>

SEC Move Increase ETH ETF Approval Odds As Big Whales Ditch Bitcoin for Ethereum

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