In a significant development for the cryptocurrency market, the SEC has approved eight spot Ethereum ETFs, dispelling ongoing uncertainties. On May 23, VanEck received the final decision on their ETF proposal, which was met with optimism in the market. Shortly after the SEC’s approval, VanEck promptly released a commercial to mark the occasion.
VanEck’s Swift Response
VanEck, a major asset management firm, wasted no time following the SEC’s approval of spot Ethereum ETFs. They quickly published a 37-second commercial titled “Enter Ethereum,” which has already garnered extensive attention.
The commercial was posted merely 30 minutes after the SEC approved the 19b-4 application alongside other major companies like BlackRock, Fidelity, and Grayscale. However, analysts caution that the SEC still needs to approve the ETF’s S-1 filing, which could delay the trading start.
What Could Ethereum Be?
VanEck’s commercial poses thought-provoking questions about Ethereum’s potential in a less centralized and open-source economy. The ad received substantial interest, with over 1,000 shares and 170,000 views within a half-hour of its release on the X platform.
The commercial was well-received, with Colin Goltra, COO of Yield Guild Games, praising its strength. Additionally, “Mav,” the anonymous co-founder of the DeGods private club, highlighted the significance of the moment, noting that it introduces the older generation to smart contracts and the broader potential of cryptocurrency.
Ethereum’s Price Movement
Amid these developments, Ethereum’s price garnered significant attention. It initially dropped by 8% to $3,500 just before the approval, but quickly rebounded to over $3,819, marking a 1% increase in 24 hours. Ethereum’s market cap returned to $460 billion, with a trading volume surge of 85%, reaching $46.4 billion.