On May 23, the U.S. ,SEC 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.
Crypto commentator Zach Rynes argues that the lack of movement reflects the notion that “everyone who wanted to buy the approval already did.

The approval of spot Ethereum ETFs was a highly anticipated event, and it's interesting to see the muted market reaction. While some traders may have been waiting for the green light before buying in, it's also possible that the market is already pricing in this development.