$ETH $BTC

Bitcoin (BTC) and Ethereum (ETH) prices fell over the past 24 hours even as several exchange-traded funds (ETFs) were approved for listing on US exchanges.
CoinGecko data showed that Ethereum has fallen by 4% since approval. It has risen 20% over the course of a week amid indications of pending approval and updated odds of ETFs getting approved. The broad-based CoinDesk 20 Index, a liquid index that tracks the largest coins, fell 4.5% over 24 hours and the cryptocurrency market capitalization lost 2.9% to $2.5 trillion.
“Ethereum sell-off on positive news is a typical reaction of speculators to ‘buy rumours, sell facts,’” Alex Kuptsikevich, a senior market analyst at FxPro, said in an email to CoinDesk. “We should not be surprised if the price pulls back to the $3,000 again, back into an important consolidation area. From these levels, large institutional investors can start building a position in ETFs.
“We saw the same thing in January after the Bitcoin ETF was approved, which took 19% off its price in the following two weeks before having a stunning reversal,” he said.
The US Securities and Exchange Commission (SEC) on Thursday approved major regulatory filings related to Ethereum ETFs, a historic milestone for the second-largest cryptocurrency. However, they were not allowed to trade. Although the SEC has approved Form 19B-4 that allows for the offering and listing of ETFs, it still must greenlight the funds' S-1 filings before investors can buy them.
The regulator has approved documents for eight ETFs - from VanEck, Fidelity, Franklin, Grayscale, Bitwise, ARK Invest 21Shares, Invesco Galaxy and BlackRock - to list on the Nasdaq, NYSE Arca and Cboe BZX exchanges.
If ETFs are approved for trading, a significant influx of institutional capital is likely to occur. Standard Chartered Bank expected flows of up to $45 billion in the first 12 months.
Some traders say they expect ether to rise by more than 60% in the coming months, with a notable increase in futures and spot purchase demand for the token in the past week.
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