Potential Approval of Ethereum ETF Could Bring Unforeseen Changes to Crypto Market
The crypto community has been eagerly awaiting the approval of the S-1 registration for the spot Ethereum ETF since May. Market experts have been speculating about the launch timeline, with ETFStore President Nate Geraci indicating that the product could go live this week.
Prospective Ethereum ETF issuers have been working to meet the requirements set by the United States Securities and Exchange Commission (SEC) by adjusting their S-1 registration forms. Similar compromises were made during the approval of spot Bitcoin ETFs, leading the market to anticipate a smooth process without further delays.
There is a growing concern about the potential impact of the Ethereum ETF on the industry once it starts trading, particularly in terms of price movements. The approval of 19b-4 filings by the SEC in May resulted in a significant price surge for Ethereum, which also affected Bitcoin and other altcoins. This surge, although temporary, could be replicated when Ethereum ETF products become available for trading.
Currently, there is a bullish sentiment surrounding price movements, with Ethereum’s price and trading volume showing an increase of 4.14% and 34.43% to $3,334.51 and $13,196,383,402, respectively.
In addition to its price impact, the launch of the Ethereum ETF could pave the way for other altcoins seeking similar acceptance on Wall Street. VanEck has already filed for a Solana ETF, and 21Shares is leading the charge with a Bitcoin and Ethereum duopoly product.
The trading of the Ethereum ETF and the potential influx of capital could validate the long-held belief among crypto enthusiasts that there is a growing demand for mainstream, regulated crypto products. Following Solana, the market may witness the introduction of a Shiba Inu and XRP ETF in the future.
