After weeks of pessimism when a couple of top Bloomberg ETF analysts viewed the possibility of the U.S. government approving spot ether ETFs as unlikely, they now see the chances of the new financial instruments being approved as much more likely.

"James Seyffart and I are increasing our odds of spot ether ETF approval to 75% (up from 25%), hearing chatter this afternoon that SEC could be doing a 180 on this (increasingly political issue)," Bloomberg Senior ETF Analyst Eric Balchunas posted to X on Monday 

Seyffart, also an ETF analyst at Bloomberg, also posted his commentary to the social media platform. "Things are taking a turn for the better on Spot ethereum ETF approvals this week," he said.

Following Balchunas and Seyffart's post, ether spiked 11.3%, according to The Block’s …