If the Ethereum ETF gets approved, I think it would legitimize crypto,
In my opinion bitcoin etf already did that. Now more eyes are drawn to bitcoin and cryptocurrencies at large. Ethereum etf being approved will definitely benefit those who are investors of ethereum but I am not quite sure about its implications on the whole crypto world.
After ethereum etf it might cause more coins being considered for etf approvals though I wouldn’t know if that would be such a good idea. Perhaps not. But let’s just wait and see.
On May 23, the SEC approved applications from issuers of Ethereum-based spot exchange-traded funds. This is truly a huge event after the SEC made a similar decision on Bitcoin in January. Then the price of Bitcoin went up sharply and shook up the cryptocurrency market. The same thing should happen now, after the approval of ETFs on Ethereum. Only this time, the price increase should also affect tokens on the ETH blockchain. Analysts predict that the price of Ethereum should soon rise to $6,600. But most likely this will happen in a few weeks. After all, trading of spot exchange-traded funds based on Ethereum will launch after the SEC signs registration statements on Form S-1, and this will take about a few more weeks.