- Ethereum ETFs soon began trading today in the U.S, through Nasdaq, NYSE, and Cboe.
- Grayscale moved $1.1 billion worth of ETH to Coinbase.
Ending the eight month, the Securities and Exchange Commission (SEC) flashed the greenlight to the entry of spot Ethereum Exchange Traded Funds (ETF’s) in the U.S. This approval of ETH ETFs began trading in the market today.
The investors were highly anticipating the new crypto asset to invest in. ETH ETF applicants received approval for their 19b-4 filings earlier in May, as partial approval. However, there were considerable delays on the SEC’s end in drafting the final documents. The greenlight of the S-1 filing was required before the product went live today.
The Exchange NYSE Arca confirmed yesterday that it has approval to list and begin trading Grayscale Ethereum Trust and Bitwise Ethereum ETF from July 23. Similarly, the Chicago Board Options Exchange (CBOE) is to list five new ether exchange-traded funds (ETFs) today. These five spot ethereum ETFs are from 21shares, VanEck, Fidelity, Franklin Templeton, and Invesco Galaxy.
Will the ETFs Impact the Ethereum Price?
The leading cryptocurrency, Bitcoin debuted its ETF in January 2024. Following that, the BTC price rose to its all-time high of $73K within three months of approval. The Ethereum ETF is the second crypto-based ETF to start trading in the United States.
Moreover, the crypto market is anticipating the expansion of the ETH price after the ETF trading. Meanwhile, Kaleo, a crypto analyst predicted that there is a “high likelihood we see some type of pullback after the spot ETF launches.” He predicted that the asset would drop before the inevitable price discovery.
In the long run, the community is expecting that Ethereum could push its price beyond the $4K zone. Currently, the Ethereum price is struggling to clear the $3,500 resistance zone. ETH is trading at $3,450, reflecting a 1.12% decline.
The ETF approval of Solana is anticipated next in the market. In late June, VanEck submitted a filing for a product investing in Solana, the fifth-biggest cryptocurrency by market value—another attempt by ETF issuers to raise demand for digital assets. Moreover, the approval of a Solana ETF might further integrate Solana into the mainstream financial ecosystem.
Highlighted Crypto News
