Bloomberg analysts James Seyffart and Eric Balchunas have increased the odds of spot Ethereum approval to a whopping 75% in what appears to be a last-minute reversal.

According to Balchunas, there is some "chatter" that the SEC might be doing a 180 on this issue (which might be due to political pressure).  

Prior to this, the industry consensus appeared to be that these ETFs would be denied due to the lack of engagement between ETF issuers and the SEC. The Bloomberg analysts claimed that the probability of these products being greenlit by the regulator was just 10%. However, former Grayscale CEO Michael Sonnenshein said that he was "optimistic" ahead of the Ethereum ETF approval deadline. 

Following the latest developments, Seyffart and Balchunas have now capped the approval odds at 75% until they see possible filing updates.

According to Fox Business reporter Eleanor Terrett, things are currently evolving "in real time." 

Jake Chervinsky, a popular cryptocurrency analyst, has noted that the approval of spot Ethereum ETFs would be "shocking" to everyone he knows in DC. If the SEC actually makes such a move, it could signal a major shift in US crypto policy following the bipartisan SAB 121 vote.      

As reported by U.Today, the SEC is expected to announce its final decision regarding the VanEck ETF proposal on May 23.  

The price of Ethereum has now surged over 8% over the past hour alone, touching the $3,400 level. In the meantime, the Bitcoin price is approaching $70,000. 

Ethereum open interest has increased by $1 billion in just a single hour, with traders "aggressively" opening long positions.     

According to GlassGlass data, more than $86 million worth of shorts has been liquidated over the past hour alone.