Altseason with Ethereum ETF Launch
The spot Ethereum ETFs by eight different issuers have been approved by the Security Exchange Commission. Though they got an " initial " approval from the SEC, there is a need for more time to review each so that the commission lets them be traded.
The reason why this did not happen in spot Bitcoin ETFs might be the staking feature of the Ethereum network. As staking can be another source of income and there might be further investigation over the categorization, taxation, and other regulative aspects, the spot Ethereum ETFs will be launched within several weeks.
What the crypto market sees is that Ethereum proved that it is not a " security " that would be treated as a stock in the market; rather it is admitted that this is a type of digital commodity that can be bought or sold via exchange - traded funds. This is a firm step taken by the Ethereum foundation because we might have more legal issues if the altcoins were categorized as securities.
Ethereum ETF Launch for Altcoins
If you have realized the price action in Ethereum itself and the Layer 2 projects and other dApps on Ethereum, they are green while the rest of the market is red.
The launch news may happen at any time and there is a real FOMO around the Ethereum - based projects. The launch will open the doors for the institutional investors and the same bullish case as spot Bitcoin ETFs can occur once again.
TOTAL 3, the market capitulation of altcoins, got rejected from 0.618 and it needs a new story to break it above.
The launch of spot Ethereum ETFs will directly affect the price of other coins, majorly the Layer 2 projects, liquid staking projects such as Lido, or the popular decentralized exchange tokens. Once the market is triggered, there will be a strong trend afterward.
TOTAL 2, excluding Bitcoin in total market capitulation, signs a strong trend already. It targets 0.786 with $1.36T in the near future.
- If the global risks diminish and the markets have lower tension.
- If the dominance of Bitcoin settles down and the altcoins receive more investment
- If the major central banks do not talk about the possibility of interest rate hikes
The market is ready to blast off 🚀
We will watch the updates closely. I will not be surprised if the situation stays the same until September.
What do you think about the effects of the spot Ethereum launch on the market?
Share your thoughts below 👇
Hive On ✌️
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Yeehaw! Exciting times ahead in the crypto world with the approval of Ethereum ETFs, paving the way for more institutional investment and potential market growth. Keep your spurs on and watch out for that blast off! 🚀🌟
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Ethereum network is indeed set for green ways. Hoping this influence reaches the altcoin market in general.
Preparations for the hard launch date ✌️