Ether Eyes Session Highs on Optimism Over US Ether Spot ETF Final Regulatory Approval

Ether experienced a notable increase on Monday, reaching daily highs as traders responded to reports suggesting that the Securities and Exchange Commission (SEC) might announce its decision regarding the approval of U.S. spot-ether ETFs as early as next week, according to reports.

The price of Ether rose by 2%, reaching $3,018.80.

After the SEC approved several spot ETH 19b-4 applications from issuers including VanEck, ARK Investments/21Shares, and BlackRock on May 23, the regulatory body is now moving closer to making a decision on the next phase of the process: the approval of the registrational statements, known as S-1 forms, for these ethereum ETFs.

The S-1 form is a crucial regulatory document that provides detailed information regarding the company and the spot-ether ETF product, including risks, opportunities, financials, and other metrics valuable to potential investors.

However, despite the prospect of spot ether ETFs coming into view, interest in the underlying cryptocurrency, Ether, appears to be waning. On-chain data from Glassnode indicated a decline in ETH held across various address sizes, along with an increase in ETH being transferred to exchanges on July 8.