Ether ETFs are set to start trading today, on July 23rd. This comes roughly 6 months after Bitcoin ETFs started trading in January.
BlackRock, Fidelity, VanEck, Bitwise, 21Shares, and Grayscale are the companies that had their ETH ETF applications approved in May.
The Ethereum ecosystem has been waiting for over 2 months now for ETFs to start trading, and today we see this is positively affecting its tokens.
Rising Prices Across the Ecosystem
Ethereum Name Service (ENS) price pumped 14% today, and its market cap is now approaching the $1 billion mark. ENS converts human-readable Ethereum addresses, such as petar.eth, into the alphanumeric codes used by wallets like Zerion or Metamask.
Furthermore, Arbitrum (ARB) price is up 11% this week, and ARB is now trading around $0.82 with a market cap around $2.7 billion. Arbitrum is a layer 2 network on Ethereum, and it aims to be faster and cheaper than the ETH blockchain.
Ethereum Classic price is also up 6% today, but this one already has a huge market cap of almost $4 billion.
We actually highlighted ETC as one of the cryptos to avoid as we head into the next leg up this bull cycle.
The launch of ETH ETFs appears to be having a positive effect on tokens within the Ethereum ecosystem. This increased interest is likely due to the heightened visibility and potential for institutional investment that ETFs bring to the market.
As more traditional investors gain exposure to Ethereum through these new investment vehicles, it’s possible that we’ll see continued growth and development in various Ethereum-based projects and their associated tokens.
Read also: Crypto Analyst Explains Why Ripple’s XRP Price Won’t Hit $10
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