In a striking turn of events that could herald a new chapter for Ethereum and the broader cryptocurrency market, the Securities and Exchange Commission (SEC) gave the nod to eight Ethereum-based exchange-traded funds (ETFs) this past Thursday. This move, which saw the green light for industry titans such as Grayscale, VanEck, Fidelity, and BlackRock to proceed with their ETF offerings, sent ripples through the crypto community, contrasting sharply with months of speculation that approval for such products might remain out of reach.

Despite this regulatory breakthrough, Ethereum’s price reaction remained relatively muted, even though it had already seen a significant uptick over the week—surging more than 20% in anticipation of the news, with its value hovering around $3,747.

The sanctioned ETFs, which promise to usher in a wave of fresh capital by offering traditional investors a new avenue to gain exposure to Ethereum, won’t hit the market immediately. The applicants are first required to finalize their S-1 registration forms with the SEC, a procedural step that, once completed, might replicate the market enthusiasm reminiscent of the Bitcoin ETF launches.

Bitcoin, not to be left out of the excitement, rode the coattails of Ethereum’s pre-approval rumors, breaking the $70,000 threshold for the first time in over a month at the start of the week. However, it has since receded slightly to $68,757, marking a modest increase of 2.8% over the week, according to data from CoinGecko.

Other digital assets, including Chainlink, Avalanche, and Bitcoin Cash, also posted gains this week, albeit with Dogecoin emerging as the standout performer among the top digital currencies with a 7% increase. This surge can be partly attributed to Tesla CEO Elon Musk, whose social media tribute to Kabosu, the Shiba Inu who inspired the Doge meme and recently passed away, spurred interest in the coin. Dogecoin, once a satirical take on Bitcoin’s gravitas, has cemented its place in the top echelon of cryptocurrencies, partly thanks to Musk’s frequent endorsements.

With the cryptocurrency landscape continually evolving, these developments underscore the growing mainstream acceptance and regulatory milestones that are shaping the market’s future dynamics.

Edited by Ryan Ozawa. Prices correct as of 4:30 a.m. ET.

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