After waiting over a decade, crypto OGs finally saw their biggest wish come true with the Securities and Exchange Commission’s (SEC) approval of a Bitcoin ETF this year. And now, with the total crypto market cap over 3x higher than its 2023 lows, it seems the SEC might grant another wish — this time for an Ethereum ETF (or about ten)…

• The SEC has asked exchanges to update filings for Ether ETFs before reviewing their applications this week.
• Ethereum jumped over 20% on the news yesterday, climbing above $3.7K — and analysts at AllianceBernstein are predicting that Ether could rally by 75% if an ETF gets approved.

What happens now? According to Eric Balchunas from Bloomberg Intelligence, the SEC’s request for updates was “a total shock” for the industry, which was “prepared and braced for denial.” Although the agency could ultimately deny the filings after the updates, Balchunas now estimates a 75% chance of approval, up from his previous 25%. We’ll know by Thursday if he’s right. If so, Wall Street could welcome Ethereum ETFs by the week’s end.

Read: Ethereum’s Q1 2024 Earnings Triple Thanks To $1.2B Surge in Transaction Fees