Ethereum open interest surges by 50%, SEC Chair says ETH ETF launch will take more time

Ethereum ETFs ‘will take some time’ before they launch, according to SEC Chair.

ETH's open interest on exchanges surged 50% to a new all-time high after SEC’s U-turn towards ETH ETFs.

New accumulating addresses holding 10-10K and 10K-100K ETH have grown steadily after ETH ETF 19b-4 approvals.

Ethereum (ETH) price hovered around $3,860 on Wednesday following Securities & Exchange Commission (SEC) Chair Gary Gensler expressing his opinion that the launch of spot ETH ETFs may be delayed. Meanwhile, Ethereum derivatives products on exchanges have seen a surge in open interest (OI).

Daily digest market movers: ETH ETFs delay, rising open interest, new accumulating addresses growth

In an interview with CNBC on Wednesday, SEC Chair Gary Gensler said spot ETH ETFs would "take some time" before they go live on exchanges, indicating S-1 approvals are not imminent. He noted that his agency is still working on disclosure measures with exchanges.