{"id":336710,"date":"2023-08-19T01:00:09","date_gmt":"2023-08-18T19:30:09","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=336710"},"modified":"2023-08-18T18:10:43","modified_gmt":"2023-08-18T12:40:43","slug":"ethereum-optimism-around-futures-etf-approval-fuels-recovery","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/ethereum-optimism-around-futures-etf-approval-fuels-recovery\/","title":{"rendered":"Ethereum: Optimism around futures ETF approval fuels recovery"},"content":{"rendered":"<ul>\n<li style=\"font-weight: 400;\"><i><span style=\"font-weight: 400;\">The SEC may approve the several Ethereum ETF applications it has received.<\/span><\/i><\/li>\n<li style=\"font-weight: 400;\"><i><span style=\"font-weight: 400;\">ETH&#8217;s price jumped as the news broke.<\/span><\/i><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">According to a Bloomberg report, <\/span><span style=\"font-weight: 400;\">Ethereum [ETH]<\/span><span style=\"font-weight: 400;\"> futures Exchange-Traded Fund (ETF) may be approved by the U.S. SEC sooner than expected. The <\/span><a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-08-17\/sec-said-to-be-poised-to-allow-us-debut-of-ether-futures-etfs-eth\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">report<\/span><\/a><span style=\"font-weight: 400;\">, which came out on 17 August, noted that the regulatory is unlikely to block the product that has seen a lot of applications by numerous firms.<\/span><\/p>\n<hr \/>\n<p style=\"text-align: center;\"><span style=\"font-weight: 400;\">Read <\/span><a href=\"http:\/\/ambcrypto.com\/predictions\/ethereum-price-prediction\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Ethereum\u2019s [ETH] Price Prediction<\/span><\/a><span style=\"font-weight: 400;\"> 2023-2024<\/span><\/p>\n<hr \/>\n<p><span style=\"font-weight: 400;\">Recall that BlackRock\u2019s <\/span><a href=\"http:\/\/ambcrypto.com\/bitcoin-plunges-to-26k-leads-crypto-bloodbath\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Bitcoin [BTC]<\/span><\/a><span style=\"font-weight: 400;\"> futures ETF has already paved. So, the Ethereum community has also been eagerly awaiting a similar development. At the time of writing, firms including BitWise, Volatility Shares, Roundhill, and Grayscale had already filed <\/span><a href=\"http:\/\/ambcrypto.com\/ethereum-etf-race-intensifies-as-volatility-shares-enters-the-fray\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">applications<\/span><\/a><span style=\"font-weight: 400;\"> for the ETF.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Interestingly, the development broke when the entire crypto market was undergoing a <\/span><a href=\"http:\/\/ambcrypto.com\/bitcoin-plunges-to-26k-leads-crypto-bloodbath\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">massive correction<\/span><\/a><span style=\"font-weight: 400;\">. During that time, ETH\u2019s price had fallen to $1,600. But as soon as the public got wind of the report, a renewed sense of optimism entered the market. This, in turn, acted as a catalyst for the cryptocurrency&#8217;s recovery.\u00a0\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">This propelled ETH to gain as much as 10% within a short period. Although the report has not been confirmed by the SEC, many believe that if approved, it could bring some stability to the crypto market.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">However, the Ethereum community may need to be careful about being overly excited about the development. This is because the SEC has been slow to authorize derivative products, as the regulator continues to express skepticism over the potential manipulation of cryptocurrencies like ETH. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">But what else is happening with Ethereum?<\/span><\/p>\n<p><span style=\"font-weight: 400;\">According to Santiment, Ethereum\u2019s network growth had decreased to 26,600. Network growth measures the number of new addresses joining a network. When the metric increases, it means that there is a good level of traction on the network.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">But a decrease in the network growth <\/span><a href=\"https:\/\/app.santiment.net\/charts\/_Ac5BQsa__sCl\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">suggests<\/span><\/a><span style=\"font-weight: 400;\"> that new addresses joining the network have refrained from making transactions.\u00a0<\/span><\/p>\n<figure id=\"attachment_336725\" aria-describedby=\"caption-attachment-336725\" style=\"width: 3840px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/Ethereum-ETH-12.34.17-18-Aug-2023.png\"><img decoding=\"async\" class=\"size-full wp-image-336725\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/Ethereum-ETH-12.34.17-18-Aug-2023.png\" alt=\"Ethereum network growth\" width=\"3840\" height=\"1300\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/Ethereum-ETH-12.34.17-18-Aug-2023.png 2560w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/Ethereum-ETH-12.34.17-18-Aug-2023-300x102.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/Ethereum-ETH-12.34.17-18-Aug-2023-1024x347.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/Ethereum-ETH-12.34.17-18-Aug-2023-768x260.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/Ethereum-ETH-12.34.17-18-Aug-2023-1536x520.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/Ethereum-ETH-12.34.17-18-Aug-2023-2048x693.png 2048w\" sizes=\"(max-width: 3840px) 100vw, 3840px\" \/><\/a><figcaption id=\"caption-attachment-336725\" class=\"wp-caption-text\">Source: Santiment<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">If approved, there could be a positive change in network growth. This is because more investors might trust ETH, and institutional liquidity would come into the ecosystem.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Furthermore, the Market Value to Realized Value (MVRV) ratio showed that ETH could be undervalued at its current price. The <\/span><a href=\"https:\/\/app.santiment.net\/charts\/cs1cdjTw__sCl\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">MVRV ratio<\/span><\/a><span style=\"font-weight: 400;\"> represents the ratio between the current price of an asset and the realized prices.<\/span><\/p>\n<hr \/>\n<p style=\"text-align: center;\"><span style=\"font-weight: 400;\">Is your portfolio green? Check the <\/span><a href=\"http:\/\/ambcrypto.com\/calculator\/ethereum-profit-calculator\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Ethereum Profit Calculator<\/span><\/a><\/p>\n<hr \/>\n<p><span style=\"font-weight: 400;\">When it rises into the positive region, it means that market participants have made a lot of unrealized gains. But when the metric falls into the red area, it suggests that the average holder is coping with losses.<\/span><\/p>\n<figure id=\"attachment_336722\" aria-describedby=\"caption-attachment-336722\" style=\"width: 2560px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/Ethereum-ETH-12.45.08-18-Aug-2023.png\"><img decoding=\"async\" class=\"size-full wp-image-336722\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/Ethereum-ETH-12.45.08-18-Aug-2023.png\" alt=\"ETH price and MVRV ratio\" width=\"2560\" height=\"867\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/Ethereum-ETH-12.45.08-18-Aug-2023.png 2560w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/Ethereum-ETH-12.45.08-18-Aug-2023-300x102.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/Ethereum-ETH-12.45.08-18-Aug-2023-1024x347.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/Ethereum-ETH-12.45.08-18-Aug-2023-768x260.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/Ethereum-ETH-12.45.08-18-Aug-2023-1536x520.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/Ethereum-ETH-12.45.08-18-Aug-2023-2048x693.png 2048w\" sizes=\"(max-width: 2560px) 100vw, 2560px\" \/><\/a><figcaption id=\"caption-attachment-336722\" class=\"wp-caption-text\">Source: Santiment<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">At press time, the 30-day MVRV ratio was -8.01%. This indicates losses for ETH holders. At the same time, it offers a buying opportunity for those looking to hold for a long period.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The development broke when the entire crypto market was undergoing a massive correction. This, in turn, acted as a catalyst for the cryptocurrency&#8217;s recovery. <\/p>\n","protected":false},"author":72,"featured_media":336719,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[31,32,66,3,4,20],"tags":[],"class_list":["post-336710","post","type-post","status-publish","format-standard","has-post-thumbnail","category-altcoins-news","category-ethereum-news","category-new-news","category-news","category-social","category-trading-view"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Ethereum: Optimism around futures ETF approval fuels recovery - AMBCrypto<\/title>\n<meta name=\"description\" content=\"According to a Bloomberg report, Ethereum [ETH] futures Exchange-Traded Fund (ETF) may be approved by the U.S. SEC\" \/>\n<meta name=\"robots\" content=\"index, follow, max-image-preview:large\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ambcrypto.com\/ethereum-optimism-around-futures-etf-approval-fuels-recovery\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Ethereum: Optimism around futures ETF approval fuels recovery - AMBCrypto\" \/>\n<meta property=\"og:description\" content=\"The development broke when the entire crypto market was undergoing a massive correction. 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