The broader crypto market experienced significant volatility during the past day as the US Securities and Exchange Commission approved several spot-based Ethereum exchange-traded funds (ETFs).CryptoSlate data shows that the top 20 digital assets by market capitalization, excluding stablecoins like Tether’s USDT and Circle’s USDC, saw losses exceeding 3% each. Bitcoin and Ethereum, the top two digital assets by market capitalization, fell to $67,051 and $3,671, respectively.Several market analysts have suggested that the ETH ETF approval was a “sell-the-news” event. Investors who anticipated the approval had already positioned themselves accordingly. During the past week, ETH’s price had risen by more than 20%, with CryptoSlate observing that the Ethereum futures market hit a one-year high of 3.6 million ETH.Julio Moreno, head of research at CryptoQuant, noted:“Seems like the market has already priced the Ethereum spot ETF approval. Grayscale’s ETHE discount to ETH has significantly narrowed in the last few days. The same happened between GBTC and Bitcoin as the Bitcoin Spot ETF approval was nearing.”Some experts also pointed to the ETFs’ delayed launch as one of the reasons for the muted market performance. The SEC has only approved the ETFs and has yet to grant them the clearance to launch, which requires an approved S-1 filing, though this is more of a formality.Bloomberg’s ETF analyst James Seyffart explained:“This is just 19b-4 approval. Also needs to be an approval on the S-1 documents which is going to take time. We’re expecting it to take a couple weeks but could take longer.”Over 107,000 crypto traders suffered losses exceeding $400 million due to the market’s subdued performance.Coinglass data reveals that ETH long traders, who expected the ETF news to boost the digital asset price, bore the brunt of these losses, totaling around $107 million. The largest single liquidation was a $12.4 million long bet on Ethereum on the Binance exchange.Meanwhile, Bitcoin traders lost approximately $75 million during the same period. Oluwapelumi values Bitcoin’s potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.Also known as “Akiba,” Liam is a reporter, editor and podcast producer at CryptoSlate. He believes that decentralized technology has the potential to make widespread positive change. Daily digest of top crypto stories and market insights. Never miss out.Courts dismissed the case without prejudice, leaving Musk an option to refile the case at a later date.The S-1 filing follows the SEC’s approval of NYSE Arca’s proposed rule change on behalf of ProShares.Rob Marrocco believes crypto ETFs beyond Bitcoin and Ethereum are unlikely without first establishing a futures market or changing regulation.Ripple said Standard Custody CEO Jack McDonald would help the firm achieve its USD-backed stablecoin plans.The S-1 filing follows the SEC’s approval of NYSE Arca’s proposed rule change on behalf of ProShares.All spot ETH ETFs have yet to launch despite recent developments.ICBC compared Bitcoin to gold and said Ethereum has established itself as “digital oil” capable of powering myriad applications across the web3 ecosystem.DeFillama data shows the platform’s TVL rose 135% despite the attack.CryptoSlate’s latest market report dives deep into the effects corporate Bitcoin purchases have on the market.Disclaimer: Our writers’ opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to content within this article. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies.
