Ever since the Bitcoin ETFs were approved by the US Securities and Exchange Commission earlier in the year, it was always going to be a question of when Ethereum would follow. ETH has had a decent run this year but the Hype surrounding an ETF approval by the SEC has ebbed and flowed a bit, particularly in recent months. However, with a vote on Ethereum ETF approval being held by the SEC in just a couple of days it looks like the cat just got let out of the bag…
The Ethereum price is up almost 20% in just the last few hours. Now that's big! For Crypto that is not an entirely unusual move in the euphoric stages of a Bull Market but that’s not where we are. This move by the market absolutely reeks of Insider Trading. Maybe the key guy Gary Gensler has just given someone the nod and the big trade has got the green light. How would we ever know?
Well to my eye, money doesn’t lie and the money is saying quite clearly that the Ethereum ETF is now going to happen. Of course as a Crypto guy this is good news and it’s likely to give the Crypto markets more broadly a bit of a kick along – which I sincerely applaud. It just frustrates me a little bit to see the cronyism taking place and the clear role that the Authorities are playing in this whole charade.
I’d much rather see a 1% upward move 20 days in a row over a 20% move in 1 day. I guess it’s just another reminder that we are in a manipulated space and Crypto is still fairly immature as a technology and investment class. I will console myself with the fact that my portfolio value just went up.