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Cumberland Afternoon Color

Good afternoon from Cumberland Singapore!

This is a space whereby things can really change in the blink of an eye, and there is perhaps no better example than events than transpired overnight. It was reported overnight that aspiring ETH ETFs issuers were being asked to update 19b-4 filings on an accelerated basis by the SEC. While this sudden rumor is no guarantee of approval by any means, it suggested that progress is being made ahead of the VanEck and 21Shares deadlines on 23rd and 24th May this week. Bloomberg analysts then increased their probability of an approval from 25% to 75%. ETH has rallied 19% in the last 24 hours.

The offside possibility of an ETH ETF approval was highlighted in my vol commentary last week (please reach out...