Bloomberg senior exchange-traded fund analyst Eric Balchunas said there is a 70% possibility for the approval of spot Ethereum exchange-traded funds from the U.S. Securities and Exchange Commission by May of this year.

Over the past 24 hours, the price of ether rose 8% to $2,613 — recording nearly 18% growth in the last seven days. Crypto industry experts say this signifies investor optimism for a potential ether ETF following the SEC’s approval of eleven spot bitcoin ETFs earlier today.

“Starting with BTC ETF, we are seeing a 'buy the rumor, ignore the news, buy the next rumor' set up,” said Joe Caselin, head of institutional marketing at BIT crypto exchange. “BlackRock filed its ETH ETF application in Nov 2023, and while that is a lot less certain than the numerous BTC ETF …