Almost two months after the SEC unexpectedly cracked amid mounting political pressure - from Democrats - and granted 19b-4 approval for Ethereum ETFs, moments ago Bloomberg's in-house ETF guru Eric Balchunas reported that the SEC has "finally gotten back to issuers today, asking them to return FINAL S-1s on Wed (incl fees) and then request effectiveness on Monday after close for a TUESDAY 7/23 LAUNCH."

And as Balchunas also notes, the presumed start of ETH ETF trading would coincide with the biggest bitcoin conf of the year, one where Donald Trump himself will be a guest now that crypto has become one of the biggest political talking points, just as we predicted it would more than a year ago.

The news helped push Ether to a session - and two week - high just above $3,425 before some modest profit-taking kicked in following an impressive surge in ETH which jumped from $2800 - thanks largely to the recent German liquidation - to $3400 in just ten days.

The lift in ETH also helped push the ETH/BTC ratio modestly higher, even though it still remains far below its post-2021 average of 0.065, which implied a fair value for ETH is above $4,000.