Today, the United States Securities and Exchange Commission (SEC) approved the trading of Ethereum spot ETF applications, which have been eagerly awaited for the last two months.
Bloomberg ETF expert Eric Balchunas confirmed this information just an hour ago.
He announced that the SEC body has officially made Spot ETH ETFs effective. He also mentioned that the 424(b) forms are being submitted, indicating that everything is set for the launch at 9:30 am (New Jersey time) the next day.
It’s official: Spot Eth ETFs have been made effective by the SEC. The 424(b) forms are rolling in now, the last step = all systems go for tomorrow’s 930am launch. Game on. pic.twitter.com/9MaBDBA8co
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— Eric Balchunas (@EricBalchunas) July 22, 2024
Balchunas shared a video clip of Jay Jacobs from BlackRock, highlights that while Bitcoin’s main appeal lies in its scarcity, Ethereum’s appeal is in its utility. He describes Ethereum as a global platform for applications that run without decentralized intermediaries.
ETF experts noted that the marketing competition between the ETH spot ETF issuers will now increase drastically, and they will offer better deals with lower trade fees for people, just like they did during the BTC spot ETF approval.
Ethereum price action
The current trade price of Ethereum ($ETH) is $3,429, which is 3% down over the last 24 hours. The sudden crash in ETH’s price is evident, despite the current bullish phase for Ethereum adoption worldwide.
Many big crypto investors are looking to make a profit and short their positions, as the hype around ETH has diminished. They will now wait for a new opportunity or hype to invest in Ethereum again.
Many crypto analysts said that while there are strong bullish indicators due to adoption and ETF approvals, bearish sentiment and profit-taking by big investors might cause further short-term declines.
The market’s next direction will likely depend on new developments or catalysts. In short, under the current scenario, panic sellers should wait for a better discount.
Read also: Expert Forecasts Massive 66% Surge for Elon Musk’s Favoured Dogecoin!
Crypto Skeptic SEC Finally Approves Trading for ETH Spot ETF Applications
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