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Ethereum (ETH) Bloomberg analysts increased the likelihood of a successful Ethereum Exchange Traded Fund (ETF) launch, pushing its price to a two-month high. Bloomberg’s senior analyst Eric Balchunas raised the approval probability of the Ethereum ETF from 25% to 75% on May 20.
Analyst’s View on Ethereum
Eric Balchunas shared on social media that the U.S. Securities and Exchange Commission asked keen ETH ETF applicants to update their 19b-4 filings before this week’s deadline. According to data from the 21milyon.com website, ETH recorded a 17% price increase in the last 24 hours, trading at $3,648. Due to increased trading activity, the cryptocurrency’s trading volume surged over 200% during this period.
Santiment reported that ETH’s trading volume reached its highest level since March 5, hitting $37 billion. During intraday trading on May 20, ETH briefly traded above $3,700. This surge led to the liquidation of several short positions in the cryptocurrency’s futures market. According to Coinglass data, ETH’s short-term liquidations amounted to a record high of $81 million that day. In comparison, the value of liquidated long positions was $26 million. Additionally, ETH whales benefited from the price increase. On-chain data revealed a significant rise in whale activity over the past 24 hours.
Critical Report from Santiment
On May 20, as ETH’s price approached $3,700, the number of ETH transactions exceeding $1 million also increased. According to data from the cryptocurrency analytics company Santiment, 1,393 such transactions were completed that day, representing the highest number since April 14. Additionally, the total number of transactions exceeding $100,000 reached 11,827 on this date, the highest since April 15. The interest shown in ETH over the past 24 hours led to a rise in social activity. At the time of writing, the cryptocurrency’s social dominance was at its highest level since February, at 2.28.
