The US government agency that oversees investments might approve applications for Ethereum ETFs, a type of investment fund. However, they’re still ironing out some details with the companies that want to offer these funds.
It may take some time—weeks or even months—for everything to be finalized and this can transform into good news for investors who wish to use ETFs to invest in Ethereum. Ethereum’s price has already increased recently, and the cryptocurrency community is eager to see what the decision will come.
SEC Decision on Ethereum ETFs Hangs In Balance?
The SEC is looking at approving the first applications (19b-4 filings). But they’ve got more paperwork to go through, like the S-1 forms, and that could drag on for weeks, maybe even months. Analysts think it all depends on how much work everyone puts in, but it could be wrapped up in just a couple of weeks if they hustle.
Big investment firms have already sent in their applications earlier this week and are all set. The market’s really on edge waiting for the SEC’s call, and some experts think we might hear something around 4:00 PM ET today, kind of like when they announced the Bitcoin ETF decision.
Can SEC’s Approval Fuel Another Ethereum Uptrend?
Meanwhile, Ethereum’s price shot up by 25% in the last week, reaching almost $3,800 according to CoinGecko’s data.
The price of Ethereum has been on a tear! It’s jumped 25% in the past week and is now trading at almost $3,800.
Analytics shows that if Ethereum gets the approval (a new type of investment fund), it can drive the price up, maybe even more. But no one is sure for certain if Ethereum will follow the same path as Bitcoin, whose price went way up after spot Bitcoin ETFs got approved.
ETH ETF is bringing euphoria to the global ETH crypto community. Investors should however remember that the nature of crypto is of volatility, they should do their own research or seek financial counsel before investing.
Also Read: Ethereum ETF Effect: Bullish Uptrend Has Just Begun!
