There is silence today on the topic of approved Ethereum spot ETFs. It is clear that approval is not yet complete and S-1 forms need to be worked on. But a wave of some kind of optimism, a premonition of a pump for #ETH, is not felt on the network.
Routine work is going on. DTCC has added #BlackRock's Ethereum Spot ETF ticker #ETHA.#VanEckhas already updated the Form S-1 for its Ethereum Spot ETF and launched its advertising.
Of the statements, the key ones are that the US SEC does not consider#ETHto be a security. This, in particular, is pointed out by Paul Grewal, chief legal counsel of the crypto exchange#Coinbase(custodian for most spot Ethereum ETFs in the US). He stated that the SEC's decision is tantamount to the regulator recognizing ETH as a commodity. Of course,#ConsenSysagrees with him.
Cinneamhain Ventures went further and stated that the SEC's decision on the Ethereum ETF means that in addition to ETH itself, most other tokens are also not unregistered securities. BTC maximalists are indignant at the same time, declaring that the approval should not have happened. And then why not launch a “PEPE ETF” and turn the cryptocurrency ETF sector into a trash bin of shieldcoins.
Why the SEC actually approved this instrument has already been discussed. It is noteworthy that this is a political decision. And part of Biden's fight for the presidency is support from cryptocurrency supporters. The same reason is behind the approval by House Democrats of the “cryptocurrency” bill FIT21.
Meanwhile, open interest in Ethereum futures broke an all-time record on May 23, fueled by the frenzy surrounding the approval of spot Ethereum ETFs, exceeding $15.65 billion for the first time. According to #Coinglass. The#ETHprice is still unchanged - a descending structure with the nearest important support in the area of $3,424. Until the price can gain a foothold above $3,802, the current priority is downward.
