Ethereum could soon rocket upwards following the Securities and Exchange Commission’s bombshell move to approve After months of terse delays and limited engagement, Wall Street’s top regulator gave the green light to a Industry observers now foresee the second-biggest digital coin to shoot up even more in value.Despite some likely downward pressure on the price of ETH due to anticipated outflows from the nearly five-year-old Grayscale Ethereum Trust (ETHE), Data firm Kaiko Is #ETH headed for a bull run? In a surprising turnaround, the SEC approved the first spot ETH #ETFs last week, triggering more than 25% in gains for the second largest crypto asset. Check out our latest Data Debrief for the full trend https://t.co/l3I4isZVjx— Kaiko (@KaikoData) May 27, 2024Kaiko said it came to the conclusion by looking at what happened to Bitcoin ETFs following their “Once the ETH ETFs launch, it is reasonable to expect selling pressure on ETH from likely outflows or redemptions due to Grayscale’s ETHE, which has been trading at a discount between 6% and 26% over the past three months,” the firm said. “Overall, even if inflows disappoint in the short term the approval has important implications for ETH as an asset, removing some of the regulatory uncertainty which has weighed on ETH’s performance over the past year,” the firm added.Greg Magadini, Derivatives director at blockchain data provider Amberdata, told JPMorgan, America’s biggest bank, said Friday that it expected the funds to start trading before November. When they do hit the market, Ethereum ETFs—just like Bitcoin funds—will give investors exposure to Wall Street’s biggest regulator had been slow to give a response to the applicants and has pushed back decision deadlines. Analysts from the likes of Bloomberg and CoinShares But things changed last week when rumorsThe ETH still has to climb more than 20% to pass its 2021 all-time high of $4,878. Edited by Ryan Ozawa.
