One of the biggest uncertainties in cryptocurrencies, spot Ethereum ETFs, has been resolved. May 23 marked the final decision day for VanEck’s proposed ETF. The market‘s pessimism in recent weeks turned into great optimism at the beginning of the week, and the expected happened. The SEC approved 8 spot Ethereum ETFs. Shortly after the approval, VanEck quickly released a commercial.
VanEck Moves Quickly
The giant asset manager VanEck made a quick decision following the approval of the spot Ethereum ETF. VanEck shared a commercial with its followers with the slogan “Enter Ethereum.” This 37-second eye-catching commercial seems to have already reached thousands of people.
VanEck published the commercial on May 23, approximately 30 minutes after the Securities and Exchange Commission approved the 19b-4 application for a spot Ether ETF along with BlackRock, Fidelity, Grayscale, Franklin Templeton, ARK 21Shares, Invesco Galaxy, and Bitwise, demonstrating once again how quickly it wanted to act.
It is important to remember that the SEC must also approve the ETF’s S-1 filing for issuers to start trading, which analysts indicate could take longer than expected.
Could it be the fuel for a less centralized and open-source economy?” VanEck’s commercial questions. “What could Ethereum be? It depends on you and me.
On the other hand, VanEck’s commercial attracted significant interest. Within just half an hour on the X platform, the post was reshared over 1,000 times and had already reached 170,000 viewers.
The reactions to the first commercial were also positive. Colin Goltra, the COO of Yield Guild Games, stated that “the commercial is actually very strong.”
The anonymous co-founder of the DeGods private club X+, “Mav,” also made an important statement. In his statement, he said:
Today, boomers are discovering smart contracts for the first time [and] realizing that crypto can be more than digital gold.
What is Ethereum’s Price?
While these events were unfolding, all eyes were on the price of Ethereum. Ethereum had dropped by 8% to $3,500 just minutes before the approval.
Subsequently, the price recovered and returned to over $3,819, which means an increase of over 1% in the last 24 hours. Ethereum’s market cap returned to the $460 billion level, while its trading volume reached $46.4 billion after an 85% increase.
