Crypto commentators suggest there could be two reasons why the price of ETH hasn’t rocketed in the wake of spot Ether ETF approvals.
There could be two main reasons why Ether (ETH) has barely moved in price despite the landmark approval of spot Ether exchange-traded funds (ETF) in the United States.
On May 23, the Securities and Exchange Commission approved eight spot Ether ETFs to be listed on their respective exchanges. Ether fell 3.4% just before the news, recovering by around 5% shortly after, and is currently trading at $3,806.
Crypto commentator Zach Rynes argues that the lack of movement reflects the notion that “everyone who wanted to buy the approval already did.”
