#ETHETFsApproved , why is $ETH not $4000+?
-ETFs haven’t actually launched yet, which means that new capital inflow has yet to come
-Since the SEC pivot earlier in the week, anyone buying the approval has arguably already bought (price is still +21% on the week)
-Launching an ETF requires approval from the SEC on two filings: 19b-4 (exchange rule changes) and S-1 (registration statement). Only the 19b-4 was approved yesterday, not the S-1. By contrast, the S-1 for BTC was ready ahead of the 19b-4, which resulted in the approval becoming effective very quickly and trading starting the following day
- Approval may still be subject to challenge
Reminder that when $BTC was approved in January, price didn't just shoot to ath immediately!👀
