- ETH ETF approvals are now closer than ever following the SEC’s acknowledgment of recent applications.
- ETH has started to see a resurgence in demand after falling below $1,600.
AND F have been a major topic of discussion in recent months and have mainly revolved around Bitcoin (BTC). This time, Ethereum (ETH) is the subject of the latest developments related to the ETF.
How many are 1,10,100 ETH worth today?
The SEC has reportedly acknowledged review of two ETF applications involving Ethereum. The ETF applications in question were filed by Ark Invest and VanEck.
Recognition does not necessarily constitute approval, but it highlights a positive step forward as opposed to rejection by the regulator.
TRENDING: SEC Acknowledges Two Spot Review #Ethereum ETF Requests pic.twitter.com/HYf1jbY2VN
– LunarCrush Social Trends (@LunarCrush) September 22, 2023
The above result means that there is a considerable chance that both ETH ETF Deposits could receive approval very soon. There will be a 45-day period during which members of the public will be allowed to voice their opinions regarding the ETFs.
While this is not confirmation that the ETFs will be approved, it does point to a potentially positive outcome.
An approval of Ethereum ETFs would open the doors of institutional liquidity to cryptocurrency. Subsequent demand could potentially facilitate a bullish outcome. ETH ETFs come at a time when the cryptocurrency is struggling to gain bullish momentum.
Evaluating the current level of demand for ETH
The ETF-related development indicates that the cryptocurrency could be poised for a wave of bullish demand towards the end of 2023. However, these expectations are far from reality and are subject to confirmation of approval.
In other words, approval is not yet in the realm of certainty.
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Let’s take a look at ETH demand status. The token was beginning to experience higher demand than selling pressure at press time. An assessment of ETH exchange flows revealed that outflows were higher than inflows over the past 24 hours.
However, trading flows have declined significantly, consistent with the lack of enthusiasm in the market.
Source: CryptoQuant
Trading flows suggest the bulls may attempt a gradual takeover. However, these measurements are not the only ones to indicate such a result.
Notably, Ethereum active addresses recently saw an uptick over the past 5 days after their previous decline. The same goes for the derivatives segment, as the level of open positions hits a monthly high.
Source: CryptoQuant
Based on the findings above, it appears that demand for ETH is making a comeback. This has been the case over the past three months, each time the price has fallen below the $16,000 range.
