The approval of spot Bitcoin ETFs helped to fuel a bull run in Bitcoin. Ethereum (ETH) ETFs will start trading next week as several spot funds have received regulatory approval.
As of today, ETH is trading at around $3500 – having risen by over 10% in the last week.
Tobi Opeyemi Amure, an analyst at Tradequotex.com, believes this is the moment that Ethereum bulls have been waiting for.
“The SEC’s approval could open the floodgates for institutional money, potentially turbocharging ETH’s market liquidity and price.”
Conventional wisdom is that an exchange-traded fund will make ETH more accessible to the masses, removing the need to trade on a crypto exchange or an ATS. As the Securities and Exchange Commission had to approve these ETFs, there is a greater sense of security with digital asset-based funds.
“If you’re okay with Bitcoin ETFs, you can’t turn your nose up at Ethereum,” says Amure.
Some crypto observers are predicting that ETH will quickly rise in price. After Bitcoin ETFs were approved, BTC experienced a nice run to around $70,000. Today, the enthusiasm has cooled a bit, but Bitcoin has still generated solid returns for the year. ETH could experience a similar type rally. Either way, volatility is the name of the game in crypto – a characteristic that some traders appreciate.
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