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This week in cryptocurrencies started with a series of rapid developments. The biggest trigger was the optimistic atmosphere surrounding the spot Ethereum ETF. Following the increased chances of ETF approval, Ethereum saw a 31% rise in the last 7 days, trading above $3,700. Meanwhile, a significant development occurred with VanEck and the DTCC.
DTCC Lists VanEck ETF
VanEck’s spot Ethereum ETF found a place in the Depository Trust and Clearing Corporation’s (DTCC) new securities list under the ticker $ETHV. This development emerged shortly after the submission of updated 19b-4 forms.
Although being added to the DTCC list is a significant development for the ETF, it is still subject to the approval of the U.S. Securities and Exchange Commission (SEC), and this approval is not guaranteed.
Spot Ethereum ETF Process
VanEck’s spot Ethereum ETF application is likely to be the first to be decided by the SEC. The SEC needs to make a final decision on the matter. The SEC will either approve or reject it. VanEck applied for the spot Ethereum ETF in September 2023. Subsequently, companies like BlackRock, ARK Invest, and Fidelity followed suit.
The outlook for Ethereum-focused funds was becoming increasingly pessimistic according to most analysts, mainly due to the SEC’s approach.
However, on May 19, just a few days before the May 23 decision, things seemed to turn around. Bloomberg’s renowned ETF analysts Eric Balchunas and James Seyffart raised the SEC’s approval probability for a spot Ethereum ETF to 75%, creating significant excitement in the market.
The world-renowned bank Standard Chartered remains optimistic about the legal approval process for the spot Ethereum ETF. The bank also indicates that Ethereum’s price could potentially reach $8,000 by the end of the year.
Meanwhile, ETH was trading at $3,780 at the time of writing, following a 0.3% drop in the last 24 hours.
