After gaining approval for 19b-4 applications, Ethereum saw a surge in price exceeding $3,700. However, this bullish trend was short-lived as a decline followed suit. This scenario serves as a potential preview of what could transpire with the listing of multiple ETFs. Similar trends were also observed in other alternative cryptocurrencies and meme tokens. Despite this setback, there was a notable increase in participation in institutional products and decentralized protocols during the recovery phase. The decline in Bitcoin had a ripple effect on Ethereum and other altcoins, resulting in a drop in Ethereum’s price and a 9% decrease in its weekly trading volume. The approval of spot ETFs has the potential to boost Ethereum’s price and spark institutional interest in the future.
