From Investing.com: 2024-07-08 17:38:51

Ether surged on Monday after news that the SEC may decide on approving U.S. spot-ether ETFs next week. The crypto rose 2% to $3,018.80. SEC already approved applications for spot ETH from various issuers like VanEck, ARK Investments/21Shares, and BlackRoc on May 23. Now, the S-1 forms for ethereum ETFs await approval.

An S-1 form is a crucial filing providing details on the company and the spot-ether ETF product. This includes risk factors, financials, opportunities, and other metrics essential for potential investors. Despite the positive ETF news, investor interest in ETH itself seems stagnant. Glassnode’s on-chain data indicated a decrease in ETH held in various address sizes and increased flows to exchanges on July 8.

The SEC’s potential approval of U.S. spot-ether ETFs next week drove an increase in ETH price to $3,018.80. Approval of spot ETH applications was granted to VanEck, ARK Investments/21Shares, and BlackRoc on May 23. The SEC is now evaluating the registration statements or S-1 forms for ethereum ETFs. These forms contain crucial information on the products for potential investors. Although ETFs are on the horizon, on-chain data showed lower ETH holdings and increased flows to exchanges on Jul. 8.

Read more at Investing.com: Ether eyes session highs on bets US ether spot ETF nearing final regulatory hurdle By Investing.com