Finally, the US SEC approved Ethereum spot ETF applications
The American securities regulatory body approved multiple Ethereum spot ETF applications.
Since the last couple of months, the majority of ETF experts have been speculating that the SEC body will not approve any of the Ethereum spot ETF applications because the securities regulatory body aimed to prove Ethereum as a security class asset.
On 23 May 2024, The US SEC approved 19b-4 filings from VanEck, BlackRock, Fidelity, Grayscale, Franklin Templeton, ARK 21Shares, Invesco Galaxy, and Bitwise.
It is worth it to note that the ETH ETF issuers are required to get SEC approval for their S-1 registration statements for the spot Ether ETFs to officially begin trading.
Ethereum price action
Following this big news, the trade price of the Ethereum (ETH) coin almost remains unfazed. The current trade price of ETH coin is $3,805 & this price is only 1.5% higher over the last 24 hours.
We can see a small sudden dump in the ETH trade price graph. Some on-chain investigators noted that the price of Ethereum (ETH) briefly dropped below $3800 because a trading firm called Symbolic Capital Partners sold a large amount of ETH very quickly. They sold 6,968 ETH, which was worth $27.38 million, at an average price of $3,930 per ETH. One of their transactions involved selling 3,497 ETH all at once, and they paid a high fee of 90 ETH to make the transaction happen. This large and sudden sale likely caused the price dip.
In the same period, the trade price of Bitcoin (BTC) crashed by nearly 3%. The current trade price is $67,761 & this trade price is 2.4% down over the last 24 hours.
Because of the big positive news around Ethereum, the majority of the crypto traders shifted their investment attention toward the Ethereum market.
Now it will be interesting to see how the ETH trade price will react, as ETH approval related news & hype has been over. In Jan, after the approval of BTC spot ETF applications, the trade price of Bitcoin crashed by nearly 12% within 2 days.
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