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The development that the cryptocurrency world has been waiting for has finally happened, with an Ethereum spot ETF having received approval from the United States Securities and Exchange Commission.
The latest news is that the Ethereum spot ETF has been approved by the U.S. Securities and Exchange Commission (SEC).
The SEC’s approval of an Ethereum spot ETF as a “commodity-based trust” marks a victory for the cryptocurrency world.
The SEC approved Form 19b-4 for eight ETFs, including BlackRock, Fidelity, and Grayscale.
But while the ETF has been approved, the S-1 form that will allow it to trade must also be approved. It’s just a matter of time.
The SEC has just begun discussing Form S-1s with companies that file. It’s unclear how long the process will take, but some analysts estimate it could take weeks.
Bloomberg ETF analyst James Seyffart commented on this:
“This does not mean that an approved ETF will start trading tomorrow. This is just a 19b-4 approval. The S-1 filing also needs to be approved, and that takes time. We expect it to be a few weeks, but it could take longer. “We will know more in a week.”
And an anonymous analyst named Flow Horse told his two million followers on social media platform X that a spot ETH ETF would make the cryptocurrency market “even crazier.”
“I was going to take it easy over the summer, but if we get an ETF approved for ETH, the second chance will be really strong.”
The trader also said that top meme asset Dogecoin (DOGE) is “in a very good zone for the long term.”
Source: TheFlowHorse/X
As of writing, DOGE is trading at $0.169. The ninth-ranked crypto asset by market cap is up nearly 11% in the past 24 hours.
Flow Horse also drew attention to Ethereum’s open interest chart, which he said was “pretty crazy.”
“There’s no shame in people who see this and want to reduce leverage. The most optimistic short-term scenario is that passive sellers don’t adjust fast enough and remain in a loss.”
Source: TheFlowHorse/X
As of this writing, ETH is trading at $3,800+. The second-largest crypto asset by market cap is up 20% in the past 24 hours.
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