According to CryptoPotato, Ethereum-based projects experienced significant growth in market capitalization following the US Securities and Exchange Commission's (SEC) approval of 11 Bitcoin ETFs. Ether's price jumped by 5% to $2,670, its highest point since May 2022. Ethereum Name Service's native token, ENS, also increased by nearly 25% after the SEC's decision, pushing its weekly gains to over 86%. The growth of Ethereum-based projects indicates increased optimism in the ecosystem despite uncertainty surrounding the approval of a spot Ether exchange-traded fund (ETF). Decisions on approval for spot Ether ETFs are expected from the agency starting in May, with heavyweights such as BlackRock, Invesco, Ark, VanEck, and Grayscale awaiting approval.
Ethereum's classification is more complicated than Bitcoin's, making the approval for an Ether ETF less straightforward. However, Steve McClurg, co-founder and chief investment officer of Valkyrie Funds, recently said that current market conditions are favorable for such an offering. Ethereum's ecosystem is also showing signs of resilience, with notable GitHub activity over the past 30 days. Ethereum ranked third in terms of development activity, behind Status and Chainlink. This commitment from developers ahead of a potential spot Ether ETF indicates confidence in the project's potential success.
