The U.S. Securities and Exchange Commission is on the verge of approving eight Ethereum exchange-traded funds (ETFs) following a surprising change in sentiment overnight.

In a significant development, the agency has given the green light to form 19b-4 filings from major players such as BlackRock, Fidelity, VanEck, Grayscale, Bitwise, Ark, Franklin Templeton, and Invesco Galaxy. However, trading cannot commence until the SEC approves the firms’ S-1 registration filings.

The sudden shift in expectations for the ETFs occurred when the SEC reportedly altered its approach to the filings and began implementing procedures that were previously used for Bitcoin ETF approvals.

While this news is significant, Bloomberg analyst Eric Balchunas advises caution, suggesting that it may still be a few weeks before trading for the Ethereum ETFs begins. He clarifies that the approval of 19b-4 filings does not mean immediate trading and highlights that approval of the S-1 documents will also take time. A more precise timeline should be available within the next week or so.

Meanwhile, the value of the second-largest cryptocurrency, Ethereum, has risen by 1.5% over the past 24 hours, reaching $3,804.

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