The long-awaited spot Ethereum ETFs have finally launched, creating a huge ripple in the cryptocurrency world. With the US Securities and Exchange Commission (SEC) approval, a potential game changer for the Ethereum market has been created.
The launch of Ethereum ETFs has made a possibility that previously seemed like a distant dream a reality. With the SEC's approval in May, the commission, led by Gary Gensler, collaborated with potential ETF issuers to finalize the details needed for the launch. As predicted by Bloomberg's Eric Balchunas, trading began on July 23, marking a major milestone for the ETH ecosystem.
The launch of spot Bitcoin ETFs in January was noted as one of the most successful ETF launches in history. Institutional investors showed great interest, increasing the price of Bitcoin. Analysts think Ethereum ETFs could achieve similar success. According to Kraken's Head of Strategy Thomas Perfumo, Ethereum ETFs could attract up to $1 billion monthly and significantly impact the overall market volatility. This could strengthen ETH's position against Bitcoin and attract more investments. Other crypto market data providers such as Kaiko also predict that Ethereum ETFs could push the price of Ethereum above Bitcoin.
The arrival of spot Ethereum ETFs could be a positive turning point not only for Ethereum, but also for the broader altcoin market. The increase in investor interest in Ethereum may be reflected in other altcoins, starting a general uptrend.
In this period when Ethereum ETFs were welcomed with excitement, Grayscale, the leading cryptocurrency asset manager, attracted attention by making a strategic move. According to Whale Alert, Grayscale reportedly transferred 292,262 ETH to Coinbase Institutional, worth approximately $1 billion. Bloomberg's Eric Balchunas speculates that this transfer could be the seed capital for Grayscale's upcoming ETH mini-trust. This step could play an important role in Grayscale's strategy to attract investor interest.
Amidst this excitement over spot Ethereum ETFs, another notable event occurred. An Ethereum ICO wallet that has been inactive for nine years has suddenly become active again. This wallet contained 977 ETH worth $3.4 million, indicating a potential profit increase in the crypto world. This incident reflects a recent trend of dormant crypto wallets becoming active again.
Despite Ethereum experiencing a slight pre-launch decline, key indicators paint a promising picture. While prices have stabilized around $3,500, trading volume has increased by more than 50% in the last 24 hours. This uptrend is fueled by the entry of spot Ethereum ETFs into the market.
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