The cryptocurrency market has recorded Ethereum Spot ETF filings from several institutional players. As Bloomberg reported, a total of 7 Ethereum Exchange Traded Funds (ETFs) have been filed so far.
VanEck, Fidelity, Ishares, Invesco & Galaxy, Grayscale, Hashdex, and ARK & 21 Shares are the institutions behind these Ethereum filings.
While regulators had previously recognized some of these filings in the past, the US Securities and Exchange Commission (SEC) only recently acknowledged Fidelity’s ETF Spot application.
All the aforementioned Ethereum ETF applications are currently under review by the SEC. The regulator is required to approve or deny these applications in the long term. The regulator can also postpone approval deadlines.
Similarly, leading crypto and traditional institutions have filed a handful of Bitcoin ETFs. While the U.S. is yet to approve of a Bitcoin or an Ethereum Spot ETF, market players are more optimistic than ever.
By design, a Cryptocurrency Spot ETF can keep account of the market price of existing crypto assets and allow investors to partake in investment without directly holding or purchasing any crypto assets.
Some industry figures who recognize that the approval of a Bitcoin ETF might take much longer are convinced that Ethereum Spot ETFs stand a better chance of approval.
Ether is already responding positively to the recent development. The price of the second most-valued cryptocurrency by market cap has soared by 2.9% in the last hour, with prices at $2,355. In the previous 30 days, Ether has increased by more than 16%. Market cap and trading volume are also in the green zone.
Near-term price predictions are also collectively bullish at this time. One analyst took to X, formerly Twitter, to make a bullish call.
“Ethereum Spot ETF filing by Fidelity! Confirms my thesis that after Bitcoin gets its shine, we’ll see Ethereum running to $3,500 in Q1 2024.” He wrote.
Meanwhile, On-chain metrics have rolled out whale performance recorded over the past months. According to data shared by Santiment, an on-chain analytics platform, big hands are transferring their Ether holdings and moving them from exchanges to self-bustody.
As the Santiment explained;
“The largest Ethereum wallets continue forming an encouraging pattern, with exchange wallets now reduced to 6-month lows (8.03M ETH) and non-exchange wallets soaring to an all time high (41.03M ETH). More and more coins continue moving to self custody.”
