Ether Surges 17% as Favorable Regulatory Developments Increase Likelihood of ETF Approval

Ether (ETH) saw a 17% surge to trade above $3,600 due to positive regulatory developments that increased the possibility of an ETF approval. The CoinDesk 20, which tracks the largest digital assets, also rose by almost 8% due to regulatory progress on Ether ETFs. The Securities and Exchange Commission's (SEC) request for exchanges to update 19b-4 filings for ether ETFs suggests potential progress towards spot Ether ETF approvals. However, the SEC could still reject the S-1 registration statement of the ether ETF, delaying its approval and trading commencement. As a result, traders heavily bought $4000 calls for 24 May 2024 and 31 May.