On May 20, Ethereum experienced a significant surge in value due to speculation about potential approvals for a spot Ethereum ETF. This resulted in the biggest single-day increase in market value to date. Within a span of 24 hours, the token boosted its market cap by over $70 billion and reached $3,900, a level that had not been seen since early April.

Billy Markus, who is also known as Shibetoshi Nakamoto and co-created Dogecoin, shared his thoughts on the sudden price surge, expressing a positive long-term outlook for Ethereum. Markus shared his belief in a post on X that ETH could potentially reach a value of $100,000, reflecting the general optimism among crypto investors.

“Need ETH to go to 100k for a house in LA.” - Billy Markus

According to Markus, the crypto market is characterized by its volatility and unpredictability. He pointed out how market movements often occur at ironic times, with individuals buying or selling at the opposite time of immediate shifts. This highlights the challenge of timing trades and the well-known volatility of the market.

On May 21st, James Seyffart and Eric Balchunas shared an update on X, increasing the probability of approval for a spot Ether ETF from 25% to 75%. This development has sparked discussions about the significant impact of potential ETF approval, with expectations of attracting increased institutional investment and bolstering general market acceptance.

In a surprising move, the U.S. Securities and Exchange Commission has approved eight spot Ethereum ETFs in a last-minute decision on May 24th. This nod of approval includes 19b-4 forms from influential industry players such as BlackRock, Fidelity, Grayscale, Bitwise, VanEck, Ark, Invesco Galaxy, and Franklin Templeton.

Regardless of whether Ethereum reaches $100,000, these advancements demonstrate the notable influence that regulatory choices and market outlook can have on the future of digital assets.