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VanEck’s recent spot Ethereum ETF application, listed with the ticker $ETHV on the Depository Trust and Clearing House (DTCC), may be a sign of the times for cryptocurrency enthusiasts. This is all ahead of—on the cusp of the SEC making a very important decision come May 23. The ETF, with some critical backing in the form of BlackRock and Fidelity, has caused near-euphoric sentiment, and according to recent regulatory trends, the latest from Bloomberg analysts—coincidently—gives it a 75% probability of approval.
The price of Ethereum is reacting well, spiking around 31% in the last week and now trades around the $3,700 mark, comfortably above the critical $3,500 level. Strong buy flows come after the bullish view of Standard Chartered, which projected that Ethereum would hit $8,000 by year-end. So, major price indicators at the moment have thus far buoyed overall confidence.
Spot Ethereum ETFs: VanEck’s—the first ever decision made over an application for a spot Ethereum ETF—signals a crucial part of the financial acceptance of the asset class on behalf of regulators and market maturation.
