Bittime -The SEC accelerates approval of an Ethereum ETF , signaling significant progress in the cryptocurrency market. Analysts increased the odds of approval from 25% to 75%, while large investors started switching from Bitcoin to Ethereum.
SEC Requests to Update Filing 19b-4
The US Securities and Exchange Commission (SEC) has ordered exchanges to immediately update their 19B-4 documents related to Ethereum (ETH) Exchange-Traded Funds (ETFs). This move increases the chances of ETH ETF approval significantly. Currently, Ethereum (ETH) is trading at $3,692, representing an increase of 19.64%, with a market capitalization of $437 billion. ETH's daily trading volume also surged by 264%, topping $36.67 billion.
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Increased Odds of Ethereum ETF Approval
On Monday, the US SEC urged issuers to update their 19b-4 filings for spot Ethereum ETFs. Previously, market analysts were skeptical about the possible approval of a spot Ethereum ETF due to a lack of communication between the SEC and the issuer. However, recent developments caused analysts to increase the probability of approval from 25% to more than 75%. Crypto analyst Michael van de Poppe noted this in his tweet.
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Impact of Approval on Ethereum Price
The first decision on VanEck's spot Ethereum ETF is expected on May 23, leading to significant price volatility. If approved, the price of Ether could soar above $4,000. Additionally, the ETH/BTC pair also rose sharply, even amidst a strong Bitcoin rally. Some big players have started swapping their Bitcoin for Ethereum, reflecting a shift in market sentiment.
Also read: The SEC's Ethereum Spot ETF Decision Deadline is Approaching
Whales Accumulate ETH Through BTC
Data from blockchain analytics platform Lookonchain shows that James Fickel, founder of the Amaranth Foundation, recently borrowed 350 WBTC, equivalent to about $25 million, and exchanged it for 6,905 ETH. The move highlights his bullish stance on the ETH/BTC trading pair, reflecting his confidence in Ethereum's potential to outperform Bitcoin. To date, Fickel has acquired 2,741 WBTC ($150.3 million) via Aave, and converted it into 50,693 ETH at a value of 0.05408.
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Shifting Investor Focus from Bitcoin to Ethereum
This latest development shows a shift in focus from Bitcoin to Ethereum among large investors. With the SEC regulatory push, investors are starting to see Ethereum as a more profitable alternative. This was also driven by a significant increase in the price and trading volume of Ethereum, reflecting increasing market interest in the world's second largest cryptocurrency.
How to Buy Crypto on Bittime
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To be able to buy crypto assets on Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.
Monitor price chart movements of Bitcoin (BTC) , Ethereum (ETH) , Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
Also read:
Ethereum ETF Proposal Analysis: Expectations Drop by 30%?
Ethereum ETF: Fidelity Soars, SEC Still Undecided and Latest Update!
US SEC Gives Green Light to Ethereum Spot ETF?
Hong Kong Resists US Pressure, Launches World's First Ethereum Spot ETF!
DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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