The U.S. SEC has approved the 19b-4 applications from 8 companies issuing Ethereum ETFs, including BlackRock, Fidelity, Grayscale, Bitwise, VanEck, Ark, Invesco Galaxy, and Franklin Templeton.
To officially trade Ethereum Spot ETFs, they still need approval for the S1 application, which may take a few more weeks.
As soon as the news broke, the price of ETH experienced a flash dump to around $3,500 USD and quickly rebounded to approximately $3,800 USD.
Earlier, the Hong Kong Ethereum Spot ETF was also approved, with over 13,3800 ETH purchased
This development represents a significant milestone for the cryptocurrency market, as it opens up access for traditional investors. The next point of interest is which company will offer the lowest management fees. Currently, Bitwise leads the pack with fees as low as 0.2%
Additionally, the SEC’s approval of Bitcoin Spot ETPs has also been noteworthy. It allows traditional traders to indirectly invest in this asset class. Analysts predict that Bitcoin Spot funds could attract over $1 billion in the first quarter alone and potentially exceed $100 billion by the end of the year. If this optimistic scenario materializes, it could mean holding between 437,000 to 1.32 million additional Bitcoins in U.S.
