According to a recent survey by eToro with retail investors in the UAE, over 74% respondents agreed that the prospect of an ethereum ETF will significantly influence their decision to increase, decrease or maintain their current ethereum allocation.
Ethereum was one of the best performing crypto assets last week and grabbed the majority of headlines following the SEC’s approval of the 19b-4s, allowing US exchanges (venues run by Cboe, Nasdaq and NYSE New York Stock Exchange) to list ethereum spot ETFs.
Although the ethereum spot ETFs aren’t live yet, as the S-1 registration statements from the ETF issuers still need to be approved by the SEC, last week’s approval of the 19b-4s is a significant step forward, when only a few weeks ago the odds of an ethereum spot ETF being approved were slim.
Ethereum saw a strong rally in the run up to the 19b-4 approvals and finished the week up 24%.
The coming weeks will be interesting to see how the ethereum price responds to developments around approval of the S-1 applications and also as we’re going into a macroeconomic climate with potentially looser financial conditions, i.e interest rate cuts and a slowdown to quantitative tightening, conditions where risk assets such as crypto tend to perform well. Markets are also anticipating which crypto assets could be next to see a spot ETF, with solana and XRP being touted as the most likely.
