- Analysts are evaluating the sudden change in the approval status of Ethereum ETFs as a reflection of a policy shift by the Biden administration.
- The critical decision week for spot Ethereum ETFs has arrived. Until this week, market analysts, including Bloomberg ETF analysts, believed the SEC’s approval of spot ETH ETFs was highly unlikely.
- “We are raising our probability of a spot Ethereum ETF approval from 25% to 75%,” said Bloomberg Senior ETF Analyst Eric Balchunas.
This article explores the recent surge in the likelihood of Ethereum ETF approvals, a potential indicator of a shift in the Biden administration’s cryptocurrency policy.
Increased Probability of Ethereum ETF Approval
After weeks of pessimism regarding ETFs, the sentiment changed abruptly yesterday, with the SEC’s likelihood of approving ETFs jumping back to 75%. Bloomberg ETF analysts Eric Balchunas and James Seyffart now believe the chances are even higher.
Has Joe Biden’s Cryptocurrency Policy Changed?
Following these statements, there was a sharp increase in Ethereum and Bitcoin (BTC), along with other altcoins, while the change in spot ETH ETFs is considered a clue to a shift in President Joe Biden’s crypto policy. Analysts claim that although there isn’t a complete reversal in Biden’s crypto opposition, the Biden administration might adopt a more conciliatory approach to cryptocurrency to prevent alienating potential voters in a highly contentious election.
Conclusion
The sudden shift in the approval status of Ethereum ETFs may reflect a change in the Biden administration’s policy. With the upcoming presidential elections, cryptocurrencies seem to be becoming a more politicized issue. The approval or rejection of Ethereum ETFs could significantly influence public perception of the current administration’s stance on cryptocurrencies.
