10X Research said the Ethereum ETF filing process progressed when the Securities Exchange Commission asked exchanges to update their 19b-4 filing materials on May 20. The development changed the probability of approval from 25 per cent to 75 per cent. By May 23, the SEC had approved the exchange-listed spot Ethereum ETF application, clearing the main hurdle for approval. Over the next seven days, the number of Ethereum unpositioned squaring contracts immediately increased by 500,000, driving the Ethereum futures unpositioned squaring contract from $8.80 billion to $13 billion, and the Ethereum price jumped from $3,065 to $3,959 at its peak. We have since received additional clarification from the Securities Exchange Commission, which has approved the ETH ETF and will begin trading today. As with all previous cases, from Bitcoin futures listing in December 2017, to Coinbase listing in April 2021, futures-based Bitcoin ETF listing in October 2021, and spot-based Bitcoin ETF listing in January 2024, all caused pullbacks shortly after listing.