Ethereum just celebrated its 10th birthday, and what a present! Companies are piling into ETH, holding over $10 billion worth – that’s 2.26% of all the ETH out there!
Big Companies are Buying ETH
SharpLink Gaming and Bitmine Immersion Technologies are now among the biggest ETH holders, even bigger than the Ethereum Foundation itself! This shows how much institutional interest in Ethereum is growing. Ethereum ETFs are also super popular, bringing in over $65 million daily and managing over $21.5 billion in assets. The SEC’s approval of a clever in-kind trading system makes it even more attractive for big investors because of tax benefits.
XRP, Solana, and More ETFs on the Way
Get ready for a wave of new crypto ETFs! The SEC has made it easier to get approval for ETFs based on digital assets that have futures contracts traded for at least six months. This opens the door for ETFs based on XRP, Solana, Cardano, Dogecoin, and Shiba Inu, alongside Ethereum. We might see Solana ETFs as early as October 10th, with XRP following closely behind. Experts think there’s a really high chance (over 95%) these will get approved. The SEC has also approved some mixed Bitcoin-Ethereum ETFs and made other changes to make things easier and more tax-efficient for investors.
The SEC’s New Plan: Lead the Crypto Revolution
The SEC is essentially letting the Commodity Futures Trading Commission (CFTC) handle a lot of the ETF approval process. This means they’re basing approvals on how long a crypto’s futures have been traded. The SEC chair says this will help the US lead the way in crypto regulation and innovation. While there’s some debate about the CFTC’s role, this change is a big deal and could make the US a global hub for crypto.
The Future Looks Bright for Crypto
With tons of ETF applications waiting to be approved, the next few months could be huge for institutional investment in crypto in the US. It’s looking like a very bullish time for the crypto market!