Ethereum (ETH), currently leading the web3 world with over $279 billion in total value locked through its widely used EVM, is gearing up for an exciting phase during the macro bull market. With a fully diluted valuation of approximately $396 billion and daily trading volume averaging around $11 billion, Ethereum experienced a 3% increase in the last 24 hours, currently priced at around $3,249.
After finishing the previous week with a bullish perspective and a Doji sign on Ethereum’s weekly candlestick, there are indications that Ethereum could challenge its record high soon. Meanwhile, Bitcoin (BTC) investors holding short-term positions have started moving their gains to Ethereum and other altcoins during the current crypto market rotation.
Spot Ethereum ETF Final Decision on the Horizon
The SEC in the United States has until the end of the month to make a decision on the applications for a spot Ether Exchange-Traded Fund (ETF). Several fund managers who have been given approval to provide spot Bitcoin ETFs earlier this year are also competing to offer spot Ether ETFs.
Significantly, the decision to approve bitcoin Spot ETFs was largely driven by the court’s ruling, forcing the US SEC to apply the same standards for these funds as with the previously approved ethereum futures. Given that ethereum futures have been available for some time, it’s likely that the SEC may take a similar approach.
Yet, the regulatory body has maintained the stance that Ethereum should be classified as a security rather than a commodity in comparison to Bitcoin. Certain analysts suggest that if an Ether spot ETF is not endorsed by the US SEC, other cryptocurrencies like Ripple‘s XRP, Solana (SOL), and Dogecoin (DOGE) may face similar treatment.
In the meantime, Grayscale Investments LLC submitted an S-3 prospectus to the Securities and Exchange Commission (SEC) on April 23, aiming to transform its Ethereum Trust into a regular Ether exchange-traded fund (ETF). Importantly, Grayscale has now submitted all necessary documents for the SEC’s review, placing the final decision in the agency’s hands.
The business additionally submitted an S-1 application for a small Ethereum Exchange-Traded Fund (ETF), using the symbol ETH. This is analogous to its unapproved Bitcoin mini ETF.
🚨NEW filings from @Grayscale:
The asset manager has recently submitted a Form S-3 filing to the Securities and Exchange Commission (SEC), outlining their plans for transforming their Ethereum Trust into a direct Ethereum exchange-traded fund (ETF). Unlike other Ethereum ETF providers, Grayscale is not required to submit an S-1 due to unique characteristics of its Ethereum holdings.
— Eleanor Terrett (@EleanorTerrett) April 23, 2024
On Tuesday, BlackRock Inc (NYSE: BLK) submitted an updated version of its application for a spot Ether exchange-traded fund (ETF) to the Securities and Exchange Commission (SEC) using form 19b-4. This action comes after the SEC’s postponed rulings on two other spot Ether ETF applications from Grayscale and Franklin Templeton.
Ether Price Action
Ethereum price is hovering at a major crossroads in its Bitcoin pair.
If $ETH breaks through 0.05 BTC, it’s party time.
— Michaël van de Poppe (@CryptoMichNL) April 24, 2024
Based on the perspective of well-known cryptocurrency expert Michaël van de Poppe, the long-awaited altcoin season may commence once the ETH/BTC pair recovers from its current position. Additionally, Bitcoin’s dominance over altcoins has been gradually increasing since the beginning of last year.
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2024-04-24 12:39