$ETH ETF approved on May 23, 2024, the U.S. Securities and Exchange Commission (SEC) approved rule changes that pave the way for the creation of ETFs that directly hold Ethereum (ETH), the second-largest cryptocurrency. This is a significant development for the crypto industry, as it could increase investor interest and adoption of Ethereum.
However, it's important to note that these ETFs are not yet available for trading. The SEC needs to approve additional filings from the ETF sponsors before they can launch.
The SEC's approval time can vary depending on the complexity of the filing and the SEC's workload. It typically takes anywhere from a few weeks to a few months. The approval of Ethereum ETFs is generally expected to lead to a rise in the price of ETH.
Here's why:
* Increased investor interest: ETFs provide a familiar and regulated way for institutional investors to invest in cryptocurrencies, which could lead to a significant increase in demand for ETH.
* Broader market access: ETFs make it easier for retail investors to invest in ETH, further increasing demand.
However, there's always the possibility of a short-term price dump after the news, as some investors who were buying in anticipation of the approval may sell off once it happens. This is a common phenomenon in the crypto market.
