Ethereum ETF approved, so why aren’t we rich yet?
Crypto commentators suggest there could be two reasons why the price of ETH hasn’t rocketed in the wake of spot Ether ETF approvals.
There could be two main reasons why the price of Ether has barely moved despite the landmark approval of spot Ether exchange-traded funds (ETF) in the United States.
On May 23, the U.S. Securities and Exchange Commission (SEC) approved eight spot Ether ETFs to be listed on their respective exchanges. Ether
tickers down
fell 3.4% just before the news, recovering by around 5% shortly after. ETH is trading at $3,806 at the time of writing.
Crypto commentator Zach Rynes argues that the lack of movement reflects the notion that “everyone who wanted to buy the approval already did.”
Ether had already surged 29% over the past week after reports suggested the SEC may have pivoted its stance toward ETF approvals.
Rynes and many others also note that while the ETFs have been approved, they still haven’t been cleared to launch. That will require an approved S-1 filing, which is a comprehensive document including details on the firm’s financials and risk profile, as well as the securities they intend to offer.
VanEck has just sent its amended S-1 filing to the SEC, and analysts have been saying it could take weeks to months for the S-1 approvals.