The Arrival
The US Securities and Exchange Commission (SEC) approved the sale of spot Ether Exchange-Traded Funds (ETFs) in the United States on May 23, 2024. The SEC combined proposals from the Nasdaq, NYSE, and CBOE exchanges, which requested changes to existing rules to allow the trading of Ethereum Exchange-Traded Products (ETPs) and ETFs.
Milestone For Crypto
This first spot Ethereum exchange-traded funds (ETFs), marking a significant milestone for the crypto industry. This decision allows asset managers such as Grayscale, Fidelity, and Bitwise to launch ETFs that directly track the price of Ethereum (ETH). It’s a notable development that aligns ETH closer to a commodity and provides investors with an additional avenue to participate in the cryptocurrency market.
How Does Eth ETF Affect Bitcoin?
Obviously, the Eth ETF will create a substantial increase in crypto exposure among traditional investors. As a result, there will likely be a surge in demand for cryptocurrencies, including Ethereum.