Investing.com — Ether rose to intraday highs on Monday as traders digested reports that the Securities and Exchange Commission could issue its decision on whether to approve ether spot ETFs in the United States as early as next week, CNBC reported Monday.
It rose 2% to 3,018.80
Following the SEC’s approval of ETH spot 19b-4 applications from several issuers, including VanEck, ARK Investments/21Shares, and BlackRoc, on May 23, the regulator is now nearing a decision on the second step of the regulatory process over whether to approve the issuers’ Ethereum ETF registration statements, or S-1 forms.
The S-1 form is a key regulatory document that details information about the company and the spot-ether ETF product, such as risks, opportunities, financial data, and other metrics that potential investors may find useful.
But while spot ether ETFs appear to be on the horizon, investor appetite for the underlying cryptocurrency ETH does not appear to be picking up.
Glassnode on-chain data showed a decrease in ETH held by addresses of various sizes and an increase in ETH flows to exchanges on July 8.
