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Just last week, you would have been hard-pressed to find anyone bullish on the probability of spot ETH ETF approval, but on Monday, rumors began circulating that the Securities and Exchange Commission (SEC) had begun meaningfully communicating with proposed ETF issuers.
Previously, a communication deficit between these groups had been taken as proof of imminent denial, but this new development caused Bloomberg’s ETF analysts to increase their odds of spot ETH ETF approval threefold to 75% and sent traders scrambling to long ETH!
While it was projected that the SEC would release a decision on the issue around the close of US stock markets at around 4 PM EST, Ether dumped 8% when this deadline arrived devoid of news, pushing ETH HODLers underwater on the daily for over an hour before the pump finally arrived…
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