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On Jan 10, 2024, the U.S. Securities and Exchange Commission (SEC) approved eleven Bitcoin Spot ETFs, which allow investors regulated access to Bitcoin without owning the actual cryptocurrency itself. This hallmark approval marked a significant step for Bitcoin and the cryptocurrency market, triggering an upswing as the market entered a bull run.
Now, all eyes are turned toward Ethereum, the second largest crypto by market cap, with possible SEC approval for Ether Spot ETFs likely on May 23, 2024. While nothing has been confirmed yet and the lack of engagement by the SEC points toward a delay in the approval, most observers believe that approval is inevitable (even if it won't happen on that date).
A pump in value similar to that of Bitcoin due to its Spot ETF approvals could take place for Ethereum and the tokens built on its ecosystem. Let’s take a look at the Ethereum ecosystem tokens to watch for in 2024.
Key Takeaways:
With the proposed Ethereum Spot ETF approvals expected to occur on May 23, 2024, the financial world expects a surge in Ethereum-based tokens.
While there's been no confirmation of the impending approval, its occurrence could lead to a surge in ETH's price, as well as prices of ERC-20 tokens.
Holding these tokens or locking them in products such as Bybit Savings could help you gain from the possible price pumps following the approvals.