Ethereum ETF Applications Under Public Review by SEC
Dear crypto enthusiast, the U.S. Securities and Exchange Commission has reached out to the public for comments on several spot Ethereum ETF applications. This includes applications from major players in the crypto space such as Grayscale, Fidelity, and Bitwise. This move by the SEC is crucial and follows a similar process before the approval of Bitcoin ETFs.
Ethereum ETF Update 🔄
The recent request for public comments on Ethereum ETF applications by the SEC comes after the postponement of a decision on the VanEck spot Ether ETF application to May 2024. The SEC cited the need for more time to thoroughly evaluate the proposed rule change as the reason for the delay.
- The SEC has opened a three-week window for public comments on applications from Grayscale, Fidelity, and Bitwise for Ethereum ETF Trusts.
- The SEC is seeking feedback from interested individuals on the proposed rule change, as modified by Amendment No. 1.
There is now increased speculation in the crypto community regarding the approval of Ethereum ETFs. Bloomberg ETF analyst James Seyffart has expressed skepticism about the potential approval of these ETFs. However, the SEC’s historical pattern of requesting public comments before approving Bitcoin ETFs has led to growing optimism within the community.
Ethereum Price Movement 💹
Examining the recent price action of Ethereum, the cryptocurrency experienced two consecutive days of decline at the beginning of April before showing signs of recovery. Ethereum dropped to a low of $3,362 on Tuesday, marking a decrease of over 6.7% from its previous support level.
The decline in Ethereum’s price was largely influenced by Bitcoin’s 6% drop in value at the start of April after a seven-month positive streak. The total liquidations in Ethereum reached $91.91 million, with long positions amounting to $75.1 million.
Historical data indicates that Ethereum typically performs well in the second quarter, with an average gain of 66.59%. Despite the SEC’s decision-making process following a familiar path to the approval of Bitcoin ETFs, the final outcome regarding Ethereum ETFs remains uncertain and will significantly impact the future landscape of these investment vehicles.
Hot Take 🔥
As a crypto investor, keeping track of the SEC’s evaluation of Ethereum ETF applications is crucial for understanding the potential future of these investment products in the market. Stay tuned for further developments and make informed decisions based on the evolving regulatory landscape.
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