According to Bloomberg, as the U.S. Securities and Exchange Commission (SEC) approved the first phase of the Ethereum ETF, the price ratio of Ethereum relative to Bitcoin rose from 0.045 to about 0.05.
Since the SEC approved the ETF on May 23, the price of Ethereum has fallen by about 10% to $3,380. But Kaiko said that the rise in the ETH/BTC ratio is beneficial to Ethereum's performance and is expected to rise further after the ETF trading begins.
Steve Kurz, head of Galaxy Digital Asset Management, expects the SEC's final approval to come around mid-July. After the launch of the Bitcoin ETF, Bitcoin prices have risen by about 50% this year to $63,400, and Ethereum has risen by 48%.
O’Neill pointed out that the potential approval of the ETF has not yet been fully reflected in the market, and some investors are still waiting and watching, so the price of Ethereum still has room to rise. Currently, Ethereum has a market value of about $400 billion, making it the second largest cryptocurrency after Bitcoin (about $1.2 trillion).