Ladies and Gentlemen, the moment we have all been waiting for.... Ethereum BREAKING: Ethereum spot ETFs approved by SEC by Diego Almada Lopez 9 minutes ago Ethereum ETFs expected to attract billions in institutional capital. SHARE THIS ARTICLE The US Securities and Exchange Commission said it has approved the launch of spot Ethereum ETFs for accelerated launch, according to Phoenix News. Ethereum ETFs face a weeks-long process of finalizing S-1 registration statements, a form required by the SEC for ETFs to list securities, and establishing exchange agreements through multiple rounds of SEC communication. The move is expected to bring a substantial influx of institutional capital into the Ethereum market, with Standard Chartered Head of Digital Assets Research Geoff Kendrick predicting inflows of $15 to $45 billion in the first 12 months. To address SEC concerns, potential spot ETH ETF issuers, including Fidelity, Franklin Templeton, Ark, Invesco, Grayscale, Bitwise, and VanEck, have updated their filings to confirm they will not stake ETH for yield. Earlier this week, Bloomberg analysts Eric Balchunas and James Seyffart have increased the odds of a spot Ethereum ETF being approved this month from 25% to 75%. The approval of Ethereum ETFs and the passage of the FIT21 crypto bill suggest a shift in the Biden Administration’s stance on crypto, following former President Trump’s pledge to support the industry and foster a business-friendly environment in the US. The approval comes just five months after the SEC gave the green light to 11 spot Bitcoin ETFs, marking a significant shift in the regulatory landscape for crypto in the US.
Uh-ohh. With Vanguard still reeling and trying to play catch-up after missing out on the world's best performing ETF... I sense another boycott soon.
For now it's priced in. But just wait a few months until institutions actually start buying. Also, it's not just the fact the price of Ethereum will go up, it's the fact that Ethereum is officially NOT A SECURITY and this opens the door for our next ETF approval of Solana, the next biggest coin on the list.
Wouldn't Cardano be much more realistic? Solana is always crashing and going offline. What kind of financial system would want to construct something on that kind of fault-line? Visa only uses it for non-critical stuff.
The reason Solana keeps crashing is because of all these projects that are on it that hog up the network. Solana doesn't have any fees, (and if they do, it's extremely cheap) So all these bots use the Solana network and hog up all the infastructure making it crash. If the founders of Solana would only raise the transaction fee to 10 cents then it would eliminate this problem. However, Solana has had some recent upgrades that have addressed the problem. And even if Solana has crashed what? Like 2 times in the past? It's still a reliable asset. Nobody cares if it's had a few hiccups, when the transaction fees are next to nothing. Even Bitcoin has had problems in the past, and look at it now.
Well, I ain't convinced. And the way Bitcoin has been behaving for the last 3 months after its ETF was approved only reinforces that conviction.
As I write at 3:57 AM Mountain Time, the Micro Ethereum Futures on CME are down about $115, or about 3%. I was very curious after the announcement as to how things would head overnight. I suspected the huge move a few days ago pulled in the vast majority of those who currently would want to buy this instrument. So often in the markets in general, it is buy the rumor, sell the news. And indeed that rumor of the Ethereum spot ETF approval made other crypto pulse upwards recently, including that recent surge in Bitcoin, which has sold off again. If enough participants in any market sector believe in a trend, and act on that trend, it will have momentum. It does indeed look like more large institutional investors will come into Ethereum within the next several months. The classification of both Bitcoin and Ethereum as commodities, as some have pointed out, is quite important for large investors. With crypto in general, a certain other percentage of participants are True Believers, it becomes more like Faith based Religion to some. And studying their various arguments there are indeed some interesting points in their favor. Where this all ends up in its total energetic equation, who knows. The history of humans is filled with surprises, U-turns, and massive paradigm shifts regarding what is Real and what is desired... When it comes to Money, so far at least, Gold has held its ground for an exceptionally long time, and the growing major purchases of it by Central Banks, who control so much of the world's economic system, leads me to think that it will be around for some time to come. If there is a world-wide cosmic originated EMP event, or lets say a massive one directed against the US by an enemy nation, who knows where crypto in general will end up, at least for awhile.
The irony, is everyone was able to purchase the spot-Ethereum ETFs for many years now on the Toronto Stock Exchange (and also trade their listed options).