SEC had initially given approvals and now has approved the launch of ETFs at the opening of the US stock markets on Tuesday. The SEC had been delaying the launch date due to a rapid approval given before the November elections. However, with the latest approval, the first spot altcoin ETF can officially start trading in the US.
Spot ETH ETF Approved
US regulators had been pressuring crypto for years. But now, a step has been officially taken that allows all altcoins to breathe easier. About 16 hours from now, when the US markets open, ETH ETFs will also be trading on the exchanges. Thus, we can say that altcoins are officially recognized and legitimized by the US. BTC approval had recognized crypto, and now the next phase has begun.
Even a week before the approval, everyone was sure that the SEC would reject it. However, Trump’s pro-crypto statements weeks ago forced the SEC to back down. Some analysts believe that the ETH ETF could push the price up to $6,500. However, this is not likely to happen immediately. It is possible to see net exit days similar to GBTC on the ETHE front, and we might witness a sell-the-news event.
On the other hand, in the medium and long term, this is definitely great news. Steno Research experts predict up to $20 billion in inflows for the ETH ETF in the first year. This is equal to the inflows BTC saw in the first 7 months. Both its early large market share in the RWA space and its infrastructure support for many popular protocols indicate significant growth potential for Ether. And of course, crypto is always full of surprises.
