Developments continue regarding ETFs, which are expected to significantly impact the rise of cryptocurrencies. After the completion of the process for the spot Bitcoin ETF and its contribution to the market at the beginning of 2024, expectations for the spot Ethereum ETF took on a new dimension following the first approval on May 23. This process also brought significant price movements.
Gary Gensler’s Statement
Following news that the SEC would approve the spot Ethereum ETF in the days leading up to May 23, the market experienced significant activity. At that time, the ETH price, which was just above $2900, rose to the $4,000 threshold but later pulled back noticeably.
Leading ETF analysts pointed to the first week of July for the approval of the spot Ethereum ETF, drawing attention with their accurate prediction regarding the first SEC approval.
Moments ago, SEC Chairman Gary Gensler made an important statement on the matter, indicating that the spot Ethereum ETF process is progressing smoothly. This situation also had an impact on the price of Ethereum.
What is the Price of Ethereum?
At the time of writing, the price of Ethereum was trading at $3,380 before the news, but after a 3.26% increase, it surpassed $3,410 and is trading at $3,412.
The market cap of Ethereum has risen back above $409 million, indicating an increase of approximately 1.75%.
On the other hand, the trading volume has visibly declined following a 24% drop. This decline has caused the 24-hour trading volume to fall to $15.9 billion, revealing a lack of interest in the market despite the news.
This situation can be interpreted in two ways. One is that investors who already hold ETH do not want to sell at these levels, while the other is that investors looking to enter the market do not want to buy at these levels.
