“The price of Bitcoin reached $71,926, which is only 2.5% below its all-time high,” was reported in the financial markets on May 21. Investor attention is riveted on the potential upcoming approval of a U.S. spot Ethereum exchange-traded fund (ETF), which is boosting optimism among market participants.

Senior Bloomberg ETF analysts increased the likelihood of approving a spot Ethereum ETF from 25% to 75% on May 20. This decision followed the U.S. Senate’s repeal of an SEC directive that had imposed strict capital requirements on banks holding client digital assets. The repeal of the directive led to a strategic reassessment at the White House, signaling a shift in cryptocurrency regulation.

SEC Chairman Gary Gensler, who had previously expressed skepticism regarding the classification of Ethereum as a non-security and the approval of its spot ETF, requested updates to the ETF filings on May 20. To date, at least five ETF issuers have submitted their updated documents.