The U.S. Securities and Exchange Commission (SEC) has officially approved multiple spot ETFs based on Ethereum (ETH), marking a significant milestone for the cryptocurrency market. This decision follows the earlier approval of spot Bitcoin ETFs, which occurred at the beginning of 2024. The Ethereum ETFs, which track the price of Ethereum directly, are expected to start trading soon, potentially unlocking billions in investment from institutional and retail investors alike.

This approval represents a major shift in the regulatory landscape for digital assets in the United States, indicating a growing acceptance of cryptocurrencies in mainstream finance. Several major financial firms, including BlackRock, Fidelity, and Invesco, are among those who received approval for their Ethereum ETFs. These ETFs are anticipated to have a substantial impact on the market, similar to the Bitcoin ETFs, which led to significant price increases for Bitcoin earlier this year