With a breaking news arriving after the closure of the stock market, last night the Securities and Exchange Commission of the United States officially approved the Ethereum spot ETFs, adding the second largest cryptocurrency in the world in terms of capitalization to the exchange-traded funds on Bitcoin
By accepting the 19B-4 forms from 8 different issuers, the federal agency is preparing for a listing on the Nasdaq, NYSE Arca, and Cboe BZX markets, with the final definitive step concerning the authorization of the S-1 document, which now appears to be just a matter of time.
Ethereum becomes effectively a commodity, distancing itself from the definition of security token, strongly desired by Gary Gensler.
La criptovaluta, è ora pronta per segnare un rally dei prezzi, in maniera analoga a quanto successo a Bitcoin dopo gli ETF di gennaio, con la rottura dei massimi storici a 4.860 dollari all’orizzonte.
Let’s see all the details below.
Summary
After the latest news of the approval of the Ethereum spot ETF, ETH is no longer considered a security: it follows the path of Bitcoin
Dopo la breaking news di ieri sera che ha visto la SEC statunitense approvate 8 fondi ETF spot di Ethereum, seguendo le orme dell’antenato Bitcoin che ha tagliato il traguardo a gennaio di quest’anno, la seconda criptovaluta più grande al mondo può essere più ufficialmente classificata come commodity.
The definition of commodity refers to an “economic good endowed with total or substantial fungibility” such as gold and silver, deviating from the much-feared classification as a security, which instead identifies a financial product on which the investor who buys it expects a financial return correlated to the growth of the company that manages it.
Sebbene Ethereum non sia mai stato definito esplicitamente un security token, con la SEC che ha provato in tutti i modi a classificarlo come tale (senza però ottenere mai una vittoria in tribunale), gli addetti ai lavori del mondo crypto sono stati a lungo preoccupati che questa accezione potesse diventare dominante nel contesto giuridico-finanziario degli Stati Uniti.
Now, however, as stated by the Chief Legal Officer of Coinbase Paul Grewal, Ethereum is becoming a commodity in every respect after the news of the ETF approval.
Even the ETF analyst at Bloomberg James Seyffart, speaking during the podcast “Bankless” with Ryan Sean Adams, emphasized that the approval of these trust actions based on commodities implies that the SEC explicitly recognizes Ether as not a security.
Even Seyffart acknowledged how this classification could soon be extended to other altcoins as well, such as Solana, opening the doors to new speculations regarding the arrival of ETFs for this cryptocurrency as well.
It is also worth highlighting what was recently reported by Adam Cochran, partner of the venture capital firm Cinneamhain Ventures, who has thoroughly explored the topic, suggesting that this line of thought could also be applied to the tokens of other projects.
“Today many things have probably clearly become commodities, even if they don’t know it yet.”
The final definitive approval of the S-1 document would definitively close this discussion, making ETH a commodity in an unalterable manner.
Despite this milestone for the Ethereum ecosystem, some experts, such as the analyst James Seyffart himself, observe that the “liquid staking” of ETH could still potentially fall under the definition of security.
It is no coincidence that several ETF issuers of ether, before receiving the green light from the SEC, removed staking of the same currency from the funds.
The lawyer for digital resources Joe Carlasare shares this opinion, suggesting that the SEC could pursue individual actors and target the liquid staking sector despite the launch of the ETF.
“Sell the News” after the approval of the ETF, but now ETH is ready to soar above new highs
All things considered, the approval of Ethereum spot ETFs turned out to be a “sell the news” event for the cryptocurrency, which after a quick initial rally saw a 6.80% loss from the spike price at 3,900 dollars.
From there ETH dropped to touch 3,630 dollars this morning at 10:15 am UTC+1, before slightly recovering and settling around the current 3,700 dollars.
In relation to this kind of price evolution of Ethereum, Alex Kuptsikevich, senior market analyst at FxPro, has suggested that in the coming days the retracement could continue, leaving room for potential entry positions for istituzionali investors.
“The sell-off of Ethereum on positive news is a typical ‘buy the rumor, sell the news’ reaction of speculators. We should not be surprised if the price returns again to the $3000 area, returning to an important consolidation area. From these levels, large institutional investors can start building a position in ETFs.
Anche Bitcoin aveva reagito in maniera simile dopo l’approvazione degli ETF spot BTC, registrando un ribasso delle quotazioni del 19% nelle due settimane successive alla news.
In the 8 weeks following, however, Bitcoin recorded one of its most aggressive bull rallies, rising from $41,500 to the all-time high (reached before the halving) of $73,700.
Probably also on Ethereum we will observe a similar graphical behavior, with the bullish influence programmed at the moment when significant capital inflows arrive.
In this regard, the financial company Chartered Standard forecasts inflows of 45 billion dollars in the first 12 months of trading of ETH ETFs.
Le previsioni della banca londinese proiettano Ethereum ad un valore di circa 8,000 dollari entro fine anno.
Similarly, some traders claim to expect a price increase of about 60% in the coming months, with a marked increase in speculation on futures and demand for spot purchases.
In questo tweet, l’autore discute le tendenze del mercato delle criptovalute, menzionando sia i periodi “bull” che quelli “bear”.
In the midst of the unpredictability of these forecasts, what is certain is that the bullish path has now been set for Ethereum: from here on, likely after a retracement, the coin will go for the conquest of new all-time highs above 4,860 dollars.
It will be curious now to monitor the price action of the asset until the S-1 document is approved and the ETF is effectively tradable in the United States.
Options expiring for 2.7 billion dollars on Bitcoin and Ether: the ETF effect arrives
In support of the bull thesis that sees ETH growing at a sustained pace, after the news of the approval of the ETF, we bring to your attention a “detail” that could act as a catalyst event for the growth of both Ethereum and also Bitcoin.
Parliamo della scadenza di opzioni BTC ed ETH per 2,7 miliardi di dollari in data 24 maggio: in particolare secondo quanto riportato da Greeks.live su X, 21.000 opzioni Bitcoin stanno per scadere con un rapporto put / call di 0,88 con un punto di dolore massimo a 67.000 dollari e contemporaneamente anche 350.000 opzioni Ethereum stanno per scadere con un rapporto put / call 0,58 e un punto di dolore massimo a 3.200 dollari.
This indicates an almost even balance between buyers and sellers, with a slight tilt towards call options regarding Bitcoin, and a slightly bull tone, with more call options expiring compared to put options for Ethereum.
Additionally, Greeks.live, Ethereum observed how the recent 20% rally of ether in anticipation of the approval of the ETF has elected the coin as the main asset of the market for investor attention.
Short-term options imply that the volatilità (IV) reached 150% at one point, significantly higher than the current IV of Bitcoin for the same period.
To note also how the open interest on Ethereum has surpassed the 12 billion dollar threshold after the ETF news, bringing it above the value of the same indicator in November 2021 when the asset was at its all-time highs.
Ciò testimonia un forte interesse nei mercati derivati per la speculazione su ETH, tale da poter sostenere un rally dei prezzi molto interessante nelle prossime settimane.
This translates to:This testifies to a strong interest in the derivatives markets for speculation on ETH, such as to support a very interesting price rally in the coming weeks.
