1 min readThe SEC approved Ethereum Spot ETFs for eight issuers in the US on May 23rd.
In a surprising change of direction, the SEC approved Ethereum Spot ETFs for eight issuers in the US on May 23rd.
Unlike the Bitcoin ETFs approved in January earlier this year, this approval only covers the 19b-4 forms for now. Since there was minimal communication between issuers and the SEC before the approval, it will likely be a few more weeks before the S1 forms are reviewed and approved, making the ETFs eligible for trading on stock exchanges. Note that this is merely a formality in the process.
Ethereum saw over $40 million dollars of inflows over the last week into existing exchange traded products, the largest since March and likely a reaction to the news.
On the macro front, the Fed minutes last week revealed worry over the lack of progress on inflation, with the hawkish remarks dampening rate cut expectations. Futures pricing dropped from roughly 50% to 40% at present for the first reduction being in September. All eyes will be on the FEDs favoured inflation gauge, Core PCE, released later today, to reassess the timeline for potential rate cuts.
