Ethereum open interest rises 50%, SEC Chair warns of ETF delays

SEC Chair says Ethereum ETFs ‘will take some time’ to debut.

After SEC's ETF U-turn, ETH exchange open interest rose 50% to a record high.

New accumulating addresses with 10-10K and 10K-100K ETH have increased gradually after ETH ETF 19b-4 certification.

Following SEC Chair Gary Gensler's suggestion that spot ETH ETFs may be postponed, Ethereum (ETH) traded around $3,860 on Wednesday. Open interest in Ethereum futures instruments on exchanges has increased.

SEC Chair Gary Gensler told CNBC on Wednesday that spot ETH ETFs will "take some time" to launch on exchanges, implying S-1 licenses are unlikely. He said his organization is currently working with exchanges on transparency.

Ethereum leveraged ETFs launch without price response

Following the SEC's rapid clearance of 19b-4 files from eight issuers on May 23, experts anticipated a speedy response to S-1 registration statements. The SEC's Friday request for new S-1 reports appeared to validate these experts' forecasts.

Bloomberg analyst Eric Balchunas predicted July spot ETH ETF launches after the registrations. However, Gensler's statements may delay ETF trade.

According to CCData Exchange Review for May, exchange open interest (OI) for ETH derivatives products hit a record $14 billion, up 50.3%.

According to CryptoQuant, new accumulating addresses holding 10K–10K and 10K–100K ETH have been developing quickly following the SEC's ETH ETF shift.


The horizontal move matches ETH's 30-day MVRV, which has been at 6% for a week. On average, Ethereum addresses that bought the currency in the previous 30 days gained 6%.

Whales are still buying ETH, and long-term and short-term investors will likely keep onto their coins despite the horizontal trend.

ETH may remain horizontal until spot ETH ETFs start. For short-term price movements, $3,618 maintains critical support. ETH may break $4,093 barrier and flip $4,878 to reach $5,000 in the long run.



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