JPMorgan believes Ether ETFs will be approved

Will they get there or not, the Ether ETFs? JPMorgan believes the SEC will approve Ethereum products. What's behind it.

JPMorgan remains optimistic that the U.S. Securities and Exchange Commission (SEC) will eventually approve the open Ether spot ETF will approve applications. As recently as May, the major US bank had estimated the chances of approval at only 50 percent.

"If there is no approval for an Ethereum ETF in May, we expect lawsuits to come after May." quotes TheBlock Nikolaos Panigirtzoglou, managing director and global market strategist at JPMorgan.

Recently, the SEC began asking for comment on proposed changes to the Ether ETF applications from Bitwise, Grayscale and Fidelity. The world's largest asset manager, BlackRock, has also applied for a spot Ether ETF.

"We think the most likely scenario is that the SEC loses this lawsuit, meaning the SEC will eventually approve Ethereum spot ETFs," Panigirtzoglou continued. This makes him one of the more optimistic experts.

Recently, several analysts were pessimistic about the approval of spot ETFs on Ether in May. Last week Said Eric Balchunas, senior ETF analyst at Bloomberg, that he saw only a 25 percent chance of approval in May.

Panigirtzoglou and his team stated in a report just a few days ago that concerns about Ethereum's centralization were waning. Lido's declining market share also reduces the likelihood of Ether being categorized as a security.

Meanwhile, the second-largest cryptocurrency, Ether (ETH), is performing strongly and was trading at $3680 at press time. This represents an impressive price gain of 7.33 percent over the past 24 hours.