Ethereum's value has skyrocketed by over 20%, reaching approximately $3,792, driven by speculations of potential approval for Spot Ethereum ETFs by US regulators. Traders were taken aback by this surge, as many had expected the SEC to either postpone or reject the first ether ETF by the upcoming Thursday.

Adding to the optimism, Standard Chartered has expressed an 80%-90% confidence level in the launch of Ether spot ETFs in the US this week. Geoff Kendrick, Head of FX Research and Digital Assets Research, anticipates significant inflows of 2.39-9.15 million ether within the initial 12 months post-approval, translating to an estimated $15 billion to $45 billion in U.S. dollar terms.

Decision Day Looms: SEC's Verdict on Ethereum ETFs

Further stoking the excitement, Bloomberg Intelligence analyst Eric Balchunas has revised his approval prediction to 75%, a substantial increase from the previous 25%. Speculation suggests a potential shift in the SEC's stance on this matter, with the regulator set to announce its decision on several Ether ETF applications imminently, contrary to prior expectations of denial.

In parallel, Grayscale's Ethereum ETF has surged by 23%, reaching $32.76 per share, reflecting the broader bullish sentiment in the cryptocurrency market. Bitcoin is also experiencing a 5% surge, edging closer to the $70,000 milestone.

VanEck and ARK Spearhead the Charge for Spot Ether ETFs

As the SEC faces impending deadlines for the first spot Ether ETF applications, VanEck and ARK Investment Management are leading the pack, with decisions expected by May 23 and May 24 respectively. These firms, alongside seven others, are vying for approval to launch ETFs directly linked to Ethereum's price.

This week, Fidelity has amended its spot Ether ETF application with the SEC, aligning with rumors of a potential policy shift within the SEC, possibly influenced by political factors. Issuers have reportedly been urged to update their applications (19b-4 filings) in light of these developments, signaling a potentially pivotal moment for Ethereum's ETF prospects.