The U.S. Securities and Exchange Commission (SEC) approved the 19b-4 filing for eight Ethereum spot ETFs at around 5 a.m. this morning. Upon hearing the news, many people rushed to the SEC website to verify the authenticity of the information, causing the website to temporarily crash.
(Background: Ethereum Long and Short Tug-of-War: Searching for Clues from Bitcoin ETF Historical Trends)
The SEC officially approved the 19b-4 filing (exchange rule changes) for eight issuers of Ethereum spot ETFs at around 5 a.m. this morning.
However, after the news of the Ethereum spot ETFs landed, the market seemed to have little change in trend. The Ethereum price briefly rose to $3,900 before fluctuating in the range of $3,750 to $3,850. As of the deadline, it was reported at $3,816.75, with only a 1.6% increase in the past 24 hours.
Excessive request for access caused the website to temporarily crash
In addition, after the SEC officially approved the 19b-4 filing for Ethereum spot ETFs, an unexpected incident occurred. According to a tweet by Eleanor Terrett, a Fox Business News reporter, the SEC website crashed temporarily due to everyone trying to access the approval documents and voting details for the Ethereum spot ETFs. This also reflects the market’s level of interest in Ethereum spot ETFs, which exceeded expectations. The SEC website has now returned to normal.
Whales suspected of realizing losses by covering Ethereum shorts
On the other hand, blockchain analyst AI Auntie posted that the whale who was shorting Ethereum last year started repaying loans to the lending protocol Aave. This whale had previously pledged 2,898 WBTC at a price of $45,906 per token, and their unrealized profit has now reached $63.64 million. Even after deducting the losses suffered when covering Ethereum, the whale still has an unrealized profit of $10.12 million.
But if the Ethereum price continues to rise, the whale may end up losing all the money they earned.
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