Ethereum ETF euphoria shortlived 😐

The SEC's stunning turnaround may have been priced in as debates continue.

Author

Ryan Ozawa
May 24, 2024

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📝 What you need to know

In a remarkable reversal of increasingly hostile policy actions, the Securities and Exchange Commission approved Ethereum spot ETFs yesterday. While the anticipation drove substantial market movements coming into the week, however, the price of ETH stayed flat… and today is down 4%, trading below $3,700 at time of writing.

Still, Crypto Twitter was elated, and people who bet on Ethereum ETF approvals coming this month cashed in on Polymarket—after briefly debating what ‘approved’ meant. Now we wait for the actual funds to be brought to market—and continue to debate whether Ethereum is sufficiently decentralized.

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💬 Quote of the Day

❝

“Removing staking language from ETH ETF applications was a move to appease the SEC.
But this short-term solution could cause
a long-term problem.

—Ganesh Swami, CEO of Covalent

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