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On January 10, 2024, Bitcoin ETFs began trading, fully capturing the market and achieving the best first-day ETF entry in history. Following this process, the BTC price declined, dragging the market down with it. By March, Bitcoin surpassed its ATH level of $73,500, marking a historic event. After these developments, attention turned to Ethereum ETFs.
SEC Approves New ETFs
As the final response date for spot Ethereum ETFs approached on May 23, there was pessimism in the market. However, just days before the mentioned date, claims made by significant ETF analysts turned out to be accurate. The process accelerated, and the SEC granted the first approval for spot Ethereum ETFs, moving to the S-1 document approval phase.
According to a recent announcement, spot Ethereum ETFs will start trading on July 23. Following the announcement, a series of positive events occurred in the market, pushing cryptocurrencies upward.
Information that emerged minutes ago revealed that the SEC granted another approval. The SEC approved the Grayscale Spot Ethereum Mini ETF and the ProShares Ethereum ETF.
Following this announcement by the SEC, attention turned to the Ethereum price, which seemed to be struggling.
What is Ethereum’s Price?
After the news, investors saw a decline in Ethereum’s price. This decline marked a 1.11% drop in the last 24 hours, although ETH had risen by 10.75% in the last 7 days. Meanwhile, as the ETH price fell, the market cap also dropped to $411 billion.
More importantly, there was a decline in Ethereum’s 24-hour trading volume. The Ethereum trading volume fell by 17%, down to $17.33 billion. This situation could be related to a decrease in interest in Ethereum. Additionally, BTC’s influence on Ethereum’s decline is also being discussed.
After weeks, the Bitcoin price rose above $66,000, then dropped back to $64,600, with its trading volume at $34 billion after a 20% decrease.
