Spot Ethereum ETFs are coming to Wall Street as the SEC approves rule changes to allow them to be listed on exchanges
The US Securities and Exchange Commission (SEC) changed his rules Approval of Spot Exchange Traded Funds (ETFs) for Cryptocurrencies ether (ETH-USD).
The decision comes six months after the SEC approved the spot Bitcoin (BTC USD) ETFs. Bitcoin funds have already seen net inflows of $12 billion. The price of Bitcoin has increased by 78% in the last six months.
However, the market reaction to the Ethereum ETF approval was more muted. Ethereum is down 1.7% in the last 24 hours.
Crypto analysts were surprised. Since the SEC action was expected by many experts, some said it was a “Sell the News” event. Ethereum prices rose 21% in the five days leading up to the decision. So far in 2024 they are up 58%.
Final approval for certain spot funds could take weeks, but it can be accelerated.
It is now clear that Ethereum is coming to Wall Street in a larger way. Investors who want to invest their assets directly through ETFs will soon have a clear path ahead of them.
At the time of publication, Dana Blankenhorn did not hold, directly or indirectly, any positions in the securities mentioned in this article. The opinions expressed in this article are those of the author, subject to those of InvestorPlace.com Publishing Guidelines.
Article printed by InvestorPlace Media, https://investorplace.com/2024/05/ethereum-etf-approval-7-things-to-know-as-the-sec-signs-off-on-new-funds/.
©2024 InvestorPlace Media, LLC
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