ETH ETF approved, but why didn't the price skyrocket?
Market commentators suggest that there could be two reasons why the price of ETH has not skyrocketed in the wake of the approvals of several Ether spot ETFs.
There could be two main reasons why Ether
ETH 3736 has barely changed in price despite the historic approval of exchange-traded funds (ETFs) in the United States.
On May 23, the Securities and Exchange Commission approved eight Ether ETFs to be listed on their respective exchanges. Ether fell 3.4% just before the news, recovering around 5% shortly after, and is currently trading at $3,806.
Cryptocurrency commentator Zach Rynes argues that the lack of movement reflects the notion that “everyone who wanted to buy approval has already done so.”
Ether had already risen 29% in the last week after several news stories suggested that the SEC may have changed its stance towards ETF approvals.
Rynes and many others also point out that although ETFs have been approved, they have not yet received the green light to debut, since they will also require an approved S-1 registration statement, a comprehensive document that includes details about the financials and profile of the company risk, as well as the values they plan to offer.
VanEck just submitted its amended S-1 registration statement to the SEC and analysts have been saying it could take weeks or months for the S-1s to be approved.
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