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The price of Ethereum has recovered momentum after a period of volatile trading. Its price has recently increased due to increased anticipation following the surprise approval of the Spot Ethereum ETF by the United States Securities and Exchange Commission.
In addition, this regulatory approval has resulted in huge inflows into Ethereum exchange-traded products worldwide, leading to concerns regarding this bullish trend's viability.
After receiving approval from the SEC, ETH has seen record inflows
Ethereum witnessed a significant infusion of forty million dollars into existing exchange-traded products during the past week, as per Coingape. This number represents the greatest inflow of Ethereum since March. CoinShares, a major cryptocurrency research business, published a report highlighting this new trend.
Particularly noteworthy is that the spike can be attributable to the unexpected decision made by the SEC on May 23 to allow Spot Ethereum ETFs for eight issuers in the United States. As evidenced by the most recent market trends, this action has greatly increased the level of optimism in the market.
On the other hand, the approval procedure is still underway; the 19b-4 forms have been approved, but the S1 forms are still waiting to be reviewed. When everything is finished, these exchange-traded funds (ETFs) will be able to trade on stock exchanges, which may have an additional impact on the price of Ethereum.
This rush of investment reflects the increased confidence that investors themselves have. This year, the market had a similar impact as a result of the substantial inflow into U.S. Spot Bitcoin ETFs, which suggests that the market is now anticipating a scenario equivalent for Ethereum. The optimistic feeling among investors continues to prevail as the trading launch of the Ether ETF draws near.
Ethereum Price and the Possible Future Performance of the Bitcoin
Because of the recent inflows, conversations have begun over their potential influence on the price of Ethereum. Analysts are currently discussing whether this momentum will be maintained or whether it is merely a transient reaction to the regulatory news. On the other hand, the rise of $40 million serves as evidence of robust market interest and confidence in Ethereum's potential future performance.
On the other hand, many have claimed that the road to continued growth can be fraught with obstacles. Although the SEC is moving forward with its clearance process, it is important to note that it is not yet finished.
Cathie Wood, the CEO of Ark, stated that the recent regulatory approval for the Ethereum exchange-traded fund (ETF) is mostly due to the forthcoming presidential election in the United States of America and the prevalent pro-crypto mood that may have an effect on the outcome of the election. Because the S1 forms are still being reviewed, it is possible that the actual trading of these exchange-traded funds (ETFs) will not begin for several weeks. In the short term, this delay may affect the sentiment of investors and the stability of prices.
As of this writing, the price of Ethereum had increased by 1.45% and was trading at $3,783.37 after it had reached a 24-hour high of $3,823.64. Not only did the cryptocurrency, with the second-largest market value, see a monthly increase of about 25 percent, but it also saw a weekly gain of approximately 3 percent.
According to the statistics provided by CoinGlass, open interest in Ethereum Futures increased by 1.45% to reach $16.70 billion, while open interest in its Options increased by 1.63% to reach $6.38 billion. It is important to note that the increase in open interest also reflects the optimistic attitude that is now prevailing in the market.
Furthermore, a recent Scopescan study suggests strong Ethereum whale activity, which further fuels the possibility of bullish momentum for the price of ETH. Today, an Ethereum whale withdrew 4.2 thousand ether, estimated to be worth $15.8 million, according to the article.
Additionally, the same whale has amassed 8.3 thousand ether over the past three days, which is equivalent to about $31 million. According to the report, this accumulation occurred at the same time the United States Securities and Exchange Commission (SEC) approved the Ethereum exchange-traded fund (ETF), indicating that significant investors are feeling quite bullish about the market.
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