May 21, 2024 - Economy

Charted: 🌤️ A surprise ether bump

The line chart shows the jump in price of Ether from around $3,000 on May 20, 2024, to around $3,800 on May 21, 2024.
Data: CoinGecko; Chart: Axios Visuals

The price of ether got a surprise bump as odds of an ether ETF approval seemed to increase overnight.

What's happening: Would-be issuers were reportedly told by the SEC to return lightly tweaked 19b-4 filings by this morning.

  • Fidelity's amended filing landed, showing dropped mentions of staking features — likely something all issuers will do.

Behind the scenes: Bloomberg Intelligence analysts pivoted on their forecast, raising odds of approval to 75% from 25%, based on "chatter" that the SEC could flip because of politics.

  • Approvals could apparently land tomorrow, not Thursday.

The intrigue: The ether ETF is being held out as a canary — a more meaningful sign of change in the U.S. posture toward crypto.

💭 Our thought bubble: ⏳ Even if the SEC gives the nod on the 19b-4 filings, S-1s, which contain the prospectuses for those ETFs, would need to be declared effective before those ETFs are allowed to launch.

  • Probably won't be till the back half of the year that we would see a launch.
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