Janvan Eck: SEC's approval of Ethereum spot ETF is a historic change! Over $3 billion in ETH withdraws from CEX

The U.S. Securities and Exchange Commission (SEC) changed its previous tough stance last month and approved the 19b-4 documents (exchange rules) submitted by eight Ethereum spot ETF issuers on the 24th. Change), and the issuer has been required to submit a revised S-1 document (registration statement). There are various signs that the listing of Ethereum spot ETF is not far away.

SEC ruling is a historic change

In this regard, VanEck CEO Janvan Eck said in a recent exclusive interview with CNBC that the cryptocurrency market is undergoing a major emotional change, which is consistent with the SEC’s approval of Ethereum spot Regarding ETF rule changes: This is truly one of the most amazing things I have ever seen in securities regulation in my career.

VanEck is the first company to submit an Ethereum spot ETF application to the SEC. Although the specific listing timetable is not yet clear, in Janvan Eck’s view, the approval of the Ethereum spot ETF is of great significance: the SEC does exist Risk of losing any jurisdiction over digital assets. So the first reaction was to get the Ethereum ETF approved, but I think there is a bigger reason.

Janvan Eck believes that the craze surrounding Ethereum spot ETFs in May this year means that there will be clearer supervision and investor interest in cryptocurrencies will increase. VanEck issued a statement last month praising The SEC approved it and stated that “the evidence clearly shows that ETH is a decentralized commodity and not a security.”

In addition, Janvan Eck mentioned that the Financial Innovation and Technology Act for the 21st Century (FIT21) passed by the House of Representatives on May 8 is another big step towards transparency in cryptocurrency regulation in the United States, but he There are doubts that the bill will pass the Senate before the US election.

Over 3 billion US dollars of ETH withdrawn from CEX

It is worth noting that since the SEC approved the 19b-4 application for the Ethereum spot ETF on May 23, CryptoQuant data shows that in May Between June 23 and June 2, the Ethereum reserves of centralized exchanges have decreased by 797,000, worth approximately US$3.02 billion. The decrease in exchange reserves means that the number of tokens available for sale has decreased.

At the same time, Glassnode data shows that the proportion of ETH circulating supply held by centralized exchanges has dropped to its lowest level in many years, currently only 10.6%, BTC-ECHO Analyst Leon Waidmann believes that as the supply of ETH available for sale tightens, the price of ETH is expected to rise sharply.

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