Following the green light given to 19b-4 applications, Ethereum surged past the $3,700 mark. However, the initial upward trend was short-lived as a decline ensued. This scenario could serve as a preview of what may transpire with the listing of multiple ETFs. Similar patterns were also noted in other alternative cryptocurrencies and meme tokens. The market recovery witnessed a notable uptick in participation in institutional products and decentralized protocols. Consequently, Ethereum and other altcoins were adversely impacted by Bitcoin’s downturn. Ethereum’s price took a hit, accompanied by a 9% decrease in its weekly trading volume. The approval of spot ETFs holds the potential to boost Ethereum’s value and spark institutional interest in the days ahead.
