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Ethereum’s Muted Response to ETF Approval: A Calm Before the Storm?

Published 05/25/2024, 08:00 PM
Updated 05/25/2024, 08:45 PM
© Reuters Ethereum’s Muted Response to ETF Approval: A Calm Before the Storm?
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  • Ethereum price increases slightly after long-awaited SEC approval of spot ETFs.
  • Ethereum traders have lost $23.33 million to liquidation in the last 24 hours.
  • Analysts expect the spot ETFs to bring more demand to the Ethereum market.

The market value of Ethereum (ETH) registered only a modest uptick over the last 24 hours despite the SEC approval of eight spot Ethereum ETFs.

At the last check, Ethereum traded at $3,742, representing a 2.76% increase from the previous day, although its weekly performance reflects a more substantial gain. In comparison, Bitcoin surged 4%, setting a daily high of $69,222, with a similar percentage growth over its weekly performance.

Notably, in the build-up to the ETF approvals, Ethereum experienced heightened optimism. The asset soared by 40% to reclaim the $3,943 price point on Thursday, having traded at as low as $2,815 on May 1.

Meanwhile, the positive sentiment surrounding Ethereum waned after ETF approvals. Data from market tracker Coinglass indicated that following the SEC’s approval of Ethereum spot ETF listings on May 23, ETH traders witnessed $80.3 million in long liquidations.

For context, a long position inv…

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