Ethereum has increased more than 30% as a deadline approaches for the U.S. Securities and Exchange Commission (SEC) to approve spot exchange-traded funds (ETFs) that would track the cryptocurrency’s price movements.
Ethereum’s price is up 10% in the last 24 hours and currently trading at $3,700.00 U.S., according to market data. This follows a 20% gain on May 20th.
At the same time, Bitcoin’s price is up 2% and trading above $71,000 U.S, building on an 8% gain the previous day.
Crypto-related equities are also marching higher, with shares of Coinbase (COIN) up more than 10% in the last 48 hours and Riot Platforms (RIOT) advancing about 2%,
Investors are bullish on the prospect that the SEC will approve spot Ethereum ETF applications. The regulator faces a deadline of May 23 to decide on a first application it received from investment firm VanEck.
The SEC also has Ethereum ETF applications before it from investment firms BlackRock (BLK), Fidelity, Invesco (IVZ), Grayscale, Ark Invest and Bitwise Asset Management.
A spot Ethereum ETF would track the price movements of the digital asset without requiring that investors hold Ether in a cryptocurrency wallet.
There are media reports that the SEC has requested key document updates from potential ETF issuers and exchanges, raising hopes that the funds will be approved in coming days.
In January of this year, the SEC approved spot Bitcoin ETFs, enabling a dozen firms to launch those investment vehicles.
Since their approval at the start of the year, spot Bitcoin ETFs have collectively attracted more than $12 billion U.S. worth of investor capital.
