The U.S. Securities and Exchange Commission (SEC) has approved 11 Bitcoin spot ETFs, a move seen as an important development in the traditional financial industry’s acceptance of cryptocurrencies. The market is also optimistic about the Ethereum spot ETF being approved for listing this year.
In this context, BlackRock CEO Larry Fink (Larry Fink) recently In an interview with CNBC, he said that he has realized the potential value of launching an Ethereum (spot) ETF. He believes that ETF is the first step in the technological revolution of financial markets, and the second step will be the process of converting various financial assets into tokens. He emphasized that the Ethereum ETF is just the beginning of the tokenization wave.
It is understood that there are currently 7 Ethereum spot ETF applications waiting for SEC approval, and applicants include BlackRock and Fidelity ), Grayscale, VanEck, Ark/21Shares, Invesco/Galaxy and Hashdex.
At the same time, the SEC’s final approval deadline for VanEck, ARK21Shares and Hashdex Ethereum spot ETFs falls in May 2024, and other applications will be in the next 6 to August.
Bloomberg ETF analyst James Seyffart once pointed out that when the SEC approved 9 Ethereum-related futures ETFs, it hinted that Ethereum was regarded as a commodity. Therefore, it is expected that the first Ethereum spot ETF may be listed this year. This is worth mentioning.
7 Ethereum spot ETFs awaiting SEC approval
Executed at BlackRock During the period when Long commented, the price of ETH began to rise, reaching a maximum of $2,717.32, setting a new high since May 9, 2022.
However, selling pressure quickly emerged, and it once fell below $2,500 and plummeted 10%. At the moment of writing, ETH is trading at $2,525, down 7.5% in the past 24 hours, and has given up its gains in the past two days.
With the correction of Bitcoin prices, it remains to be seen whether the expectations for the SEC’s approval of the Ethereum spot ETF in May and the upcoming Cancun upgrade can continue to have a positive impact on the price of ETH.
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