The tides may be turning for Ethereum exchange-traded funds (ETFs) in the US. The Securities and Exchange Commission (SEC) surprised many by requesting exchanges to update their filings for spot Ethereum ETFs. This move has analysts scrambling to revise their predictions, with some now estimating a 75% chance of approval.

This news comes as a shot in the arm for crypto enthusiasts who've been yearning for a US-based Ethereum ETF. Bloomberg Intelligence analysts Eric Balchunas and James Seyffart significantly upped their approval odds from a modest 25% to a much more optimistic 75%.

However, some caution against excessive optimism. Industry experts like Variant Fund's Jake Chervinsky believe approval would be a major policy shift for the US, potentially signaling a broader crypto-friendly stance from the Biden administration. This, they argue, could be even more significant than the ETF itself.

Previously, whispers in DC painted a bleak picture for Ethereum ETFs – with rejections seemingly the consensus. Chervinsky highlights this, sharing his experience at a recent blockchain summit where approval was widely considered unlikely.

The potential approval has even sparked speculation about a friendlier crypto climate under the current administration. This comes amidst talk of former commissioner Chris Giancarlo (championed as the "First Crypto President") potentially returning to the scene with Donald Trump's re-election bid.

Will the SEC give the green light to Ethereum ETFs? Only time will tell. However, this recent development has undoubtedly injected a dose of excitement into the crypto market.