Ethereum ETF Deadline: SEC Warming Up to Spot Ethereum ETFs
The Securities and Exchange Commission (SEC) is considering allowing spot Ethereum exchange-traded funds (ETFs) to trade following the deadline day for Ethereum ETF approvals.
Sources close to the SEC indicate a potential shift in sentiment towards permitting the trading of nine funds, including those from Cboe exchange.
The Commission’s decision on applications from the Cboe exchange for the VanEck and Ark 21Shares Ethereum ETFs is eagerly awaited.
Other contenders for a spot Ethereum ETF include BlackRock, Fidelity, Grayscale, Hashdex, Franklin Templeton, Invesco with Galaxy Digital, and Bitwise.
Ethereum Price and Trading Volume Surge
Currently, Ethereum’s price sits above $3,800, showing a 2% increase in the last 24 hours, with trading volume reaching $45 billion.
- Trading volume surpasses $45 billion in 24 hours
- Ethereum price surges past $3,800
Ethereum Open Interest and Futures Liquidations
Ethereum’s open interest skyrockets to $16 billion, accompanied by $43 million worth of Ethereum futures positions being liquidated in the past day.
- $16 billion Ethereum open interest
- $43 million Ethereum futures liquidated
SEC Questions and Ethereum Custody Service
The House Financial Services Committee queried SEC Chair Gary Gensler about the approval given to Prometheum for offering an Ethereum custody service.
Republican lawmakers raised concerns regarding the SEC’s treatment of Ethereum as a security, despite its silence on the issue.
An unredacted Consensys lawsuit revealed an internal memo instructing SEC staff to consider Ethereum as a security.
Hot Take: Ethereum’s ETF Approval Stirs Market Frenzy
Ethereum ETF approvals are causing a stir in the market, with the SEC showing signs of warming up to spot Ethereum ETFs, boosting Ethereum’s price and trading volume.
The surge in Ethereum open interest and futures liquidations indicates growing interest in Ethereum investment opportunities.
SEC’s handling of Ethereum as a security is raising questions among lawmakers and investors, hinting at potential shifts in regulatory approaches to digital assets.
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