Investors’ bullish mood boosted the price of Ethereum to $3.900 on Monday.
Ethereum The Ethereum spot exchange traded fund (ETHX) has already launched and is expected to reach $4,000 before it even launches.ETFsAs the market seems to be very high “underallocated,” According to DeFiance Capital founder Arthur Cheong
Cheong predicted in a May 26 post on the social media platform X that Ethereum, second largest cryptocurrency by value, would reach $4,500 before the ETF’s trading launches. Cheong’s statement was backed up by a survey that showed nearly half of the respondents had allocated up to only 25% of their portfolios towards Ethereum. This suggests the market is underestimating Ethereum’s potential.
Securities and Exchange Commission in the U.S. approved Multiple spot Ethereum ETFs will be launched on May 23 following several delays. The decision to launch multiple spot Ethereum ETFs on May 23 has increased investor expectations of new investment in Ethereum.
The SEC must still approve ETF registration statements that detail disclosures to investors. The SEC does not have a set timeframe for approving these filings. This creates uncertainty regarding the trading launch date.
Although a Reuters source The matter is familiar indicated The trading approval process may take weeks or days without providing any specifics. Jay Clayton was the former chairman of SEC. interview CNBC reported that it is more a case of “when” than “if” before the spot ETH ETF trades begin. “inevitable” The issue is not resolved. Data from CoinGecko shows that Ethereum’s price was $3,910 at the time this article went to press.
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Source: crypto.news