May 24, 2024 Grandpa checks in
Ethereum's ETF was approved without any publicity or delay. It took only a few days from the SEC's request for updated documents to the approval of the most important 19-B-4. Although Ethereum did not break through its previous high after it was approved, the price of Ethereum has rebounded by about 30% from the low point of less than 3,000. This round of Ethereum's strength is still due to the ETF.
It has to be said that the treatment of the B circle is no longer the same as it was in the past. The previous pursuit and interception, the definition of securities restriction and trading fines, etc., seem to be just yesterday. Now, after the approval of the Bitcoin spot ETF, the SEC is eager to approve the Ethereum ETF. Whether it is to taste the sweetness of transaction management fees or to gain votes, it proves that the current crypto circle is already a giant that cannot be defeated.
Of course, for Wall Street, if it can bring them profits or even be used for their own benefit, they will not try to restrict the development of the crypto circle, but will assist it instead, as is the case with the passage of ETFs. The fundamental reason why the crypto circle is recognized is its own development and strength, and I believe that more people will apply to join in the future.
In terms of market conditions, when the ETF was announced, Ethereum continued to rise in the short term, reaching a high of 3950, but failed to reach a new high. There has always been a tradition that good news will become bad news, and Bitcoin is blocked at the pressure level, so you can take some profits at the pressure level. Yesterday, I also suggested that you can sell some copycats or calls above 4000 first. It is expected that it will take a while to grind down the volatility first.
Thank you for your attention and likes.
