Ether Prices Decline Despite Approval of Ether ETFs

• Bitcoin and ether prices fell despite U.S. approval of ether ETFs.
• Ether dropped 4% post-approval, following a 20% rise in the past week.
• Speculators sold off on positive news, anticipating institutional investment.
• SEC approved regulatory filings for eight ether ETFs, not yet cleared for trading.
• If approved, ETFs could bring in $45 billion in institutional capital.
• Traders predict over 60% rally in ether price in the coming months.

Summary :
Bitcoin (BTC) and ether (ETH) prices experienced a decline in the past 24 hours, despite the approval of several ether exchange-traded funds (ETFs) to list in the U.S. The approval of the ETFs resulted in a "sell the news" event, causing a 4% drop in the price of ether, which had previously risen by more than 20% in the past week. Traders anticipate a significant influx of institutional capital into the ether market in the long term. The U.S. Securities and Exchange Commission (SEC) approved regulatory filings for eight ETFs, including those from VanEck, Fidelity, Franklin, Grayscale, Bitwise, ARK Invest 21Shares, Invesco Galaxy, and BlackRock. However, the ETFs are not yet cleared for trading as the SEC still needs to approve their S-1 filings. If the ETFs are eventually approved for trading, it is expected to bring a substantial amount of institutional capital into the market, with predictions of inflows reaching up to $45 billion in the first year. Some traders anticipate a rally of over 60% for ether in the coming months, driven by increased futures and spot buying demand.

Sources :

- Coindesk