Crypto:
30188
Bitcoin:
$69.630
% 4.75
BTC Dominance:
%54.4
% 0.13
Market Cap:
$2.44 T
% 3.67
Fear & Greed:
74 / 100
Bitcoin:
$ 69.630
BTC Dominance:
% 54.4
Market Cap:
$2.44 T

Drop in Crypto Stocks A ‘Modest Setback’ Amid Spot Ethereum ETF Hype, Says Analyst

Bitcoin

Amid developments in the approval process for spot Ethereum ETFs, the value of several bitcoin miners and bitcoin-related stocks fell, as did broader stock markets on Thursday.

On Thursday afternoon, the U.S. Securities and Exchange Commission (SEC) approved eight spot Ethereum ETFs, approving forms 19b-4 from BlackRock, Fidelity, Grayscale, Bitwise, VanEck, Ark, Invesco Galaxy, and Franklin Templeton.

Hut 8 shares led the stock decline, falling 10%, while other miners such as Riot Platforms and Marathon Digital lost about 7.6% and 5.5%, respectively. MicroStrategy, which is considered by many to be a reflection of the bitcoin price because it holds a large amount of bitcoin, fell 6.2%.

Shares of several spot bitcoin ETFs fell between 3% and 4%; But according to one sell-side analyst, these declines may be a blip on the radar.

“Today’s price action … appears to be a modest pullback, but we believe a positive supply-demand dynamic will support upward price movement in the coming months,” Mark Palmer, an equity research analyst at Benchmark, told The Block. “The approval of a spot Ethereum ETF fits into a much more positive government regulatory narrative towards crypto in the US.”

Before spot Ethereum ETFs can be launched, the SEC must approve form 19b-4 and then S-1 registration statements must go into effect before the ETFs can begin trading.


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