According to a recent report, Ethereum billionaires have acquired over 700,000 ETH tokens (equivalent to approximately $2.45 billion) in the past three weeks. Despite the substantial accumulation, Ethereum is experiencing difficulty regaining its optimistic momentum.
Ethereum ETF Possibility Vs. Rate Cut Possibility
Last Wednesday, Ethereum and Bitcoin surged in value due to inflation data from the United States that exceeded expectations. Nevertheless, hawkish remarks from Federal Reserve Chair Jerome Powell doubted the probability of multiple rate cuts this year, causing cryptocurrency and other risk assets to retrace.
The U.S. The Securities and Exchange Commission unexpectedly approved numerous 19b-4 forms for Ethereum exchange-traded funds (ETF) last month, resulting in a substantial rally. Investor enthusiasm nearly regained the $4,000 mark on May 27. Nevertheless, this enthusiasm diminished as market participants recognized that the SEC had yet to approve the S-1 registration forms required for these products to begin trading.
During a recent congressional hearing, SEC Chair Gary Gensler stated that the ultimate approval of Ethereum ETFs is anticipated this summer, as reported by U.Today.
