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ETH ETF Approvals: How the Market is Responding

Ethereum's price hasn't budged since the SEC approved ETH ETFs but the crypto industry is nonetheless rejoicing

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After months of anticipation and countless rounds of delays, Ethereum ETFs have finally been approved by the U.S. Securities and Exchange Commission (SEC).

In a major victory for the cryptocurrency industry, the SEC on Thursday approved applications from Nasdaq, CBOE, and NYSE to list eight exchange-traded funds (ETFs) tied directly to the price of Ethereum. These include offerings from BlackRock, Fidelity and Grayscale.

But how is the market responding to the news?

Despite the hype, Ethereum's price itself seems unbothered. Barely up 1% since the news, Ethereum's price graph doesn't exactly signal that anything significant has occurred.

Arguably, the excitement was baked into Ethereum's price jump earlier this week ahead of the approval but ETH nonetheless traded relatively sideways over the past 24 hours.

Ethereum Pumps as SEC’s Filing Request Sparks ETH ETF Approval Hope
The SEC has asked ETF exchanges to update 19b-4 filings, signalling that ETH ETF approvals could be coming

Ethereum's price might not reflect any glory but crypto industry leaders are still rejoicing in the historic moment.

Bloomberg Intelligence ETF analyst James Seyffart, who helped to trigger Ethereum's price jump earlier this week by increasing his approval odds to 75% from 25%, tweeted, "BOOM!! APPROVED! There it is. The SEC just approved spot #Ethereum ETFs. What a turn of events. It's really happening."

Coinbase's chief legal officer, Paul Grewal, also expressed his excitement. "This week, this day, has been a rollercoaster unlike any other I’ve seen. ETH is effectively deemed a Commodity as we’ve always known it to be. I’m proud to be on team @Coinbase, the trusted partner and custodian for many of the issuers who had 19b-4’s approved tonight."

Coinbase's CEO Brian Armstrong retweeted Grewal's message, adding, "well said, what a week!"

Ripple CEO Brad Garlinghouse said the moment "feels like hell has frozen over," stating, "Big momentum in crypto this week – ETH ETF passed and bipartisan support on crypto legislation… "

Binance CEO Richard Teng described the SEC's approval as a "landmark milestone for the digital asset industry. "I join the global crypto community in welcoming and celebrating the U.S. SEC's recent approval of Ethereum Spot ETFs — a landmark milestone for the digital asset industry," he tweeted.

VanEck, which dropped an Ethereum-related advert within an hour of the SEC's announcement, simply tweeted, "study never giving up" and captioned its advert, "enter the Ether."

“Could it be the fuel to a less centralized and open-source economy?” VanEck’s ad asks. “What could Ethereum be? That’s up to you and me.”