In a strategic move that shakes up the cryptocurrency market, Fidelity, an asset management giant, has formalized its application to register an Ethereum Spot ETF with the United States Securities and Exchange Commission (SEC). This move is particularly significant considering the growing interest in cryptocurrency-based investment products.
At the time of publication, the price of ETH was quoted at US$1,961.14, down 0.4% in the last 24 hours.
In details of the application, Coinbase is listed as custodian, indicating a collaboration between two powerful forces in the world of cryptocurrencies. News of the registration had an immediate impact, reflected in a modest but notable increase in Ethereum’s price and volume. The cryptocurrency registered an increase of around 0.5% in its value, a clear indication of the market’s positive response to this news.
— James Seyffart (@JSeyff) November 17, 2023
The context of this record is intriguing. Several prominent Wall Street firms have shown increasing interest in spot Ethereum ETFs, although the SEC has not yet issued a definitive ruling on spot Bitcoin ETFs. This trend points to an increasing interest in diversifying cryptocurrency-related product offerings.
On this same day, the SEC postponed the decision on two different Bitcoin ETF applications. In fact, the Global X Spot BTC ETF, which was still awaiting a final decision date, was also postponed. This scenario of uncertainty regarding Bitcoin ETFs only intensifies interest in developments related to Ethereum.
Bloomberg analysts suggest that if Bitcoin ETFs are approved, Ethereum ETFs will likely follow suit. Expectations for approval are high, according to these experts. According to the website Bitcoinsistemi.com, a critical date for Bitcoin ETFs is scheduled for January 10, 2024, when the market will be able to witness a clearer definition of the future of these products.
The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing or trading cryptocurrencies carries a risk of financial loss.