The U.S. Securities and Exchange Commission (SEC) has tentatively approved at least three of the eight asset managers planning to introduce spot Ethereum ETFs.
These ETFs are expected to start trading next Tuesday, according to a Reuters report. The approval is contingent on the applicants submitting their final offering documents to regulators by the end of this week. One source mentioned that all eight ETFs are likely to launch simultaneously.
Most of the firms had introduced spot Bitcoin ETFs in January, concluding a decade-long conflict with the SEC, which had previously rejected these products due to concerns about market manipulation.
However, the agency had to approve the ETFs following a court ruling in favor of digital asset manager Grayscale Investments, despite issuing warnings about their high risk.
The launch of these ETFs was one of the most successful in the history of the ETF market, with the nine new products accumulating approximately $6.6 billion in assets within the first three weeks of trading, according to Morningstar Direct data. By the end of June, the ETFs had seen a net inflow of $33.1 billion.
At the time of writing Ethereum is trading at $3,430 after a 5.86% surge in the past 24 hours and is up 13.75% on the weekly chart.
Coinbase is making moves to expand its crypto derivatives offerings by filing with the US Commodity Futures Trading Commission (CFTC) to introduce futures contracts for XRP.
Retail investors are increasingly favoring XRP over Bitcoin, as Glassnode data shows a dramatic 490% increase in XRP’s daily active addresses, compared to just 10% for Bitcoin since the 2022 market low.
Fidelity Investments has moved forward with plans to launch a spot Solana Exchange-Traded Fund (ETF), with the U.S. Securities and Exchange Commission (SEC) formally acknowledging the filing.
Cryptocurrency analyst Ali Martinez has raised concerns about Ethereum’s future performance against Bitcoin, suggesting a significant decline could be on the horizon.