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It is official - the Securities and Exchange Commission of the United States approved the launch of spot Ethereum ETFs.
Around six months since the approval of spot Bitcoin ETFs in January, crypto investors got their wish – the approval of the first altcoin ETF.
— Eric Balchunas (@EricBalchunas) July 22, 2024
This significant milestone for the crypto space marks a new era for investments, that will potentiall open the path to new heights for the biggest altcoin by market cap.
On the 24th of May SEC approved all 19b-4 applications. Three months later the regulator greenlit the S-1 applications as well, officially giving their nod for spot Ethereum ETF trading.
At the time of writing ETH is trading at $3,460 after a slight decline in the past 24 hours and is up 1.6% on the weekly chart.