Ethereum surges 11% after report SEC is set to approve Futures ETF

The terms of Ether (ETH) surged astir 11% to $1,700 pursuing quality that the United States Securities and Exchange Commission is acceptable to let the archetypal exchange-traded funds (ETFs) based connected Ether Futures.

According to an Aug. 17 report from Bloomberg — which cited anonymous sources acquainted with the substance — the regulator does not look arsenic though it volition artifact the applications of astir 12 companies, including ProShares, Volatility Shares, Bitwise and Roundhill, that person filed to motorboat Ether (ETH) futures ETFs successful caller weeks.

— Bankless (@BanklessHQ) August 17, 2023

It remains unclear which ETF applications would beryllium approved by the SEC; however, officials indicated that respective of the filings whitethorn beryllium approved by arsenic soon arsenic October.

ETF expert Eric Balchunas said helium wasn't amazed by the SEC's determination to o.k. Ether futures ETFs, adding that the determination shows however the regulator's views connected antithetic products, specified arsenic a spot Bitcoin ETF tin alteration implicit time.

This not astonishing to us, we had said they would o.k. Ether Futures aboriginal connected successful race. Nice to beryllium validated. Now what does it mean for spot? Hard to accidental beyond it shows that their views/policy/tolerance tin change. https://t.co/JXCxNUpj2U

— Eric Balchunas (@EricBalchunas) August 17, 2023

The SEC has been inundated with applications for Ether futures ETFs, with more than 12 filings for specified products being submitted to the regulator since precocious July. 

Related: Donald Trump’s Ethereum wallet holds $2.8M, caller connection shows

The quality pushed ETH's terms backmost up 11% to $1,717 conscionable 20 minutes after the marketplace took a tumble 2 hours earlier.

The terms of Ether jumped 11% pursuing the quality that the SEC would o.k. Ether futures ETFs. Source: TradingView

Big Questions: Did the NSA make Bitcoin?