Despite the SEC's approval of spot Ether ETFs and expectations for regulatory greenlight from SEC Chair Gary Gensler, the cryptocurrency market remained subdued, with Ether and Bitcoin prices declining. The approval of spot Ether ETF listings on U.S. stock exchanges signals a milestone in mainstream crypto adoption, akin to previous Bitcoin ETF approvals.
Anticipation surrounds the final regulatory approval of spot Ether ETFs by the end of summer, potentially driving institutional participation. The SEC's decision on Ethereum ETFs prompts discussions on its implications for Bitcoin and the broader digital asset industry.
However, amidst heavy Bitcoin ETF outflows and market slides, concerns arise about the immediate impact of Ether ETFs. Analysts remain cautious about an Ethereum rally to $3,700, citing bearish sentiment in Ether derivatives markets and macroeconomic uncertainties.
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