SEC Greenlights Ethereum ETFs: Price Forecast Predicts ETH Could Hit $9,600
The SEC’s green light for Ethereum ETFs has sparked a frenzy of activity in the crypto market. Major players are strategically positioning themselves, anticipating a surge in demand.
This landmark decision has also ignited optimistic price predictions, with some forecasting ETH could reach as high as $9,600.
Amidst this excitement, institutional giant Grayscale transferred over $1 billion of ETH to Coinbase, while a dormant “whale” holding $3.3 million has resurfaced, signalling potential market shifts.
The SEC has approved the VanEck Ethereum ETF, marking a significant milestone for the cryptocurrency market.
This approval follows a series of regulatory filings and amendments by VanEck, dating back to May 2021.
the ether exists in the context of all in which the ether lives and what came before the ether
— VanEck (@vaneck_us) July 23, 2024
Other key filings leading to this approval include the Prospectus under Rule 424(b)(3) and multiple amendments to Form S-1.
Following the SEC’s approval, Grayscale, a leading digital asset management firm, has transferred over $1 billion worth of ETH to Coinbase, a popular cryptocurrency exchange.
This move suggests institutional anticipation for increased demand for ETH as ETFs become available.
Adding to the excitement, a dormant ETH wallet, untouched since the initial coin offering (ICO) nine years ago, has suddenly become active. This “whale,” holding a substantial amount of ETH valued at $3.3 million, may be preparing to sell as the ETF trading begins.
Eth ETF race has already begun w/ a transfer from $ETHE to its mini-me = $ETH gonna begin its life w/ $1b and a category-low 15bp fee. That’s a new variable in this race that we didn’t have in btc race. https://t.co/7v6kh8Kw5Q
— Eric Balchunas
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