Following the approval of Bitcoin ETFs, Ethereum was anticipated to remain a hot topic in the crypto markets. However, the expected significant price movements did not materialize due to extreme selling and a collapse in market sentiment. The SEC’s unexpected actions, including deleting official announcements, were unpredictably hostile, leading to accusations of market manipulation.
The SEC took drastic steps that disrupted the positive atmosphere in the markets. These included the hacking of their account, deletion of the approval announcement from their website, and nonsensical statements by Gensler regarding the non-approval of Bitcoin and crypto, yet approval of ETFs.
Had these negative events not occurred, and Bitcoin not experienced a $5 billion sell-off after reaching $49,000, Ethereum’s price might have already surpassed $3,000. The Spot ETH ETF is one of this year’s key agenda items, with decision dates approaching mid-year.
Today, the SEC announced the postponement of its decision on the application by Grayscale to convert the ETHE Trust into a spot ETH ETF. This application is similar to GBTC’s, aiming to transform an existing product into an ETF that can be traded on exchanges.