ETH ETF has been approved | Why this is particularly interesting and crazy

 Hi guys! Its cuurently about 5.30am, 24 May 2024 and it was announced by the SEC that ETH ETFs have been approved, there have 8 ETH ETFs from BlackRock, Fidelity, Grayscale, Bitwise, VanEck, Ark, Invesco Galaxy and Franklin Templeton approved.

None of my friends are really into cryptocurrency so I do not have anyone to share the news with although it is exciting as ETH is my largest holding in my crypto portfolio. Not life changing amount but a nice amount, comfortable allocation. ETH has been rather "boring" in it's price action recently compared to BTC which had ETF listing and the ETF listing and alts going up and up. Solana stole the show as we saw it soar back up as the ease of using it and cheaper fees attracted huge numbers. 

Holding ETH felt horrible as it was stagnant looking at the rest, even the price action after the approval of the ETH ETF has not propel it upwards and beyond. The ETH ETF will not list immediately as there are still some forms to be completed and approval so it will take some time and anything can still happen. It feels rushed and we can only hope that the listing will go smoothly although it will take some time.

 

 What now? 

As we see ETH ETF being approved, many have said that SOL ETF is coming up or even a DOGECOIN ETF? The banks and major institution has gotten so much interest and definitely money/fees from the BTC ETF so there is no limit to how much they can continue to earn if they can endlessly generate crypto ETF but of course these are all to the SEC and regulation to decide. As well as volume.

Some individuals do not see a huge funds inflow into the ETH ETF as much as BTC ETF after all Bitcoin is definitely much more "sellable" and easier to understand. But a percentage of the inflow of the BTC ETF would already be great. Currently, it does feel like the approval has been priced in but the Asian population is mostly not awake yet so we shall see towards the end of 24 May 2024 on how it is.

Why it feels so surreal? 

Just last week, the consensus was that the ETH ETFs will not get approved as it was a already very close to the deadline and normally, much more preparation and time will be needed so no news meant that the ETFs were most likely not going to be approved. 

It was predicted that the ETFs had a 25% chance of being approved but on Monday or Tuesdays, the ETF issuers was asked to fill up forms and this spiked up the interest back for the ETFs approval, the 25% estimated approval rate was then changed to 75%. With the next 2 or 3 days, it felt like the approval was possible and what made this so crazy was the short timeline where the issuers had to move to fill and provide the necessary information. 

 

So the updates from the SEC to the issuers happened within the week and it was a rollercoaster ride as the initial thoughts were that the ETFs are not going to be approved. Well, I do not have any positions in Nvidia so this news makes it up for the FOMO. I never imagined that BTC and ETH could be in the stock market at such a fast rate. Meanwhile, meme time will entertain us until the official listing of the ETH ETFs! Have a great Friday and weekend ahead!