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MazloomHussain
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#ETHETFsApproved Coinbase CLO Paul Grewal shed light on the SEC’s approval of eight spot Ethereum ETF applications, highlighting Ethereum’s status as a commodity. Grewal noted that this decision strengthens Ethereum’s recognition as a commodity, a notion shared by the Commodity Futures Trading Commission and federal courts. Moreover, this approval signals the upcoming trading of Ethereum on Wall Street and marks a major milestone for institutional development. However, trading is expected to commence only after the S-1 documents are approved, which might require several weeks.

#ETHETFsApproved

Coinbase CLO Paul Grewal shed light on the SEC’s approval of eight spot Ethereum ETF applications, highlighting Ethereum’s status as a commodity. Grewal noted that this decision strengthens Ethereum’s recognition as a commodity, a notion shared by the Commodity Futures Trading Commission and federal courts. Moreover, this approval signals the upcoming trading of Ethereum on Wall Street and marks a major milestone for institutional development. However, trading is expected to commence only after the S-1 documents are approved, which might require several weeks.

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#pizzaday With the year 2024, there are many things to look forward to in the crypto industry. After all, the previous year, or at least the second half of the year brought a significant bull run, with several cryptocurrencies either regaining lost ground or outperforming their peak values. There are many questions regarding the upcoming years for the market, with many still wondering if the industry will re-capture the previously achieved heights The year has also is likely to reinforce and maintain some major developments throughout the crypto and blockchain sectors, including the rise of GameFi and a global interest in crypto regulations. In this article, we will be looking at some of the biggest crypto trends, some of which were established in the year 2023, and of course maintained currently, in 2024. On top of this, we will be making a few predictions about what could dominate the industry over the coming months.
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#pizzaday Arbitrum (ARB) Reaches 24 Million Unique Addresses The number of unique Arbitrum (ARB) addresses reached an all-time high in May due to the large influx of users to the network. A tweet from the network's official X page said that there are now over 24 million unique addresses on the Arbitrum network. One of the reasons for the growth of Arbitrum is the direct targeting of developers who have started launching their decentralized apps on Arbitrum. While the Arbitrum network is growing, its native token, ARB, is down the weekly and monthly charts with losses of 4.3% and 12.7%.
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#pizzaday The Future of Grayscale’s Ethereum Trust Despite the prevailing optimism, some concerns remain regarding these new ETFs’ impact on existing products like the Grayscale Ethereum Trust, currently holding more than $11.3 billion. In addition, the trust could witness a major outflow since investors might prefer the new ETFs.  Historically, Grayscale’s Bitcoin Trust experienced outflows when converted to ETF form. Major players, like VanEck, BlackRock, Fidelity, Grayscale, Franklin Templeton, ARK 21Shares, Bitwise, and Invesco Galaxy, have received their regulatory approval on Thursday, May 23, which sheds light on a strong lineup that is currently poised to meet the market demand. However, the only applicant who did not receive approval on that day was Hashdex, highlighting the competitive and complex nature of the ETF approval process. 
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#pizzaday Despite the US Securities and Exchange Commission (SEC) granting historic approvals for eight Ethereum-based exchange-traded funds (ETFs), Ethereum has not breached the $4,000 mark. Following the SEC’s decision, Ethereum’s (ETH) price spiked to nearly $3,900 but quickly receded to approximately $3,720. As of this writing, the price has somewhat stabilized, hovering around $3,800.
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#pizzaday In addition, this message has ignited speculation among Shiba Inu investors and enthusiasts, suggesting that the meme coin might follow in Ethereum’s footsteps with its own ETF. The SEC’s approval of the Ethereum ETFs was unexpected, given the agency’s recent inactivity in engaging with issuers. Hence, the eight approved ETFs include offerings from financial heavyweights such as VanEck, BlackRock, Fidelity, Grayscale, Franklin Templeton, ARK 21Shares, Invesco Galaxy, and Bitwise. These ETFs will be listed on major exchanges including CBOE, NYSE ARCA, and NASDAQ. Moreover, it’ll broaden Ethereum’s accessibility to a wider range of investors.
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