The U.S. Securities and Exchange Commission (SEC) reached a settlement with eToro, a trading platform, resolving allegations that the company failed to register as a broker. eToro has agreed to pay $1.5 million in fines and limit cryptocurrency trading for U.S. users to only BTC, BCH, and ETH.
On August 5, the markets were shaken as BTC dropped below $50,000, and ETH nearly hit $2,100. Throughout the day, over $1 billion in trading positions were liquidated, according to CoinGlass.
The total net inflows on the second trading day (July 24) turned negative (-$133.16 million), according to data from SoSoValue.
Jay Jacobs, BlackRock's Head of Thematic and Active ETFs, explained the primary allure of ETH compared to BTC while presenting the company's spot Ethereum ETF to investors. He emphasized that Bitcoin's main attraction is its scarcity, whereas Ethereum's appeal lies in its versatility.
Bloomberg's senior ETF analyst, Eric Balchunas, has revealed that the SEC asked applicants to submit their final S-1 form documents by Wednesday, along with a request for effectiveness on Monday. This suggests that the launch could happen on Tuesday, July 23.
July 23 marked the debut of spot Ethereum ETFs in the U.S. trading markets. According to data from a Bloomberg terminal screenshot shared by analyst James Seyffart, the total net inflows amounted to approximately $106.8 million, with the overall trading volume surpassing $1.11 billion.
In a recent note on the company's website, Matt Hougan, Chief Investment Officer of Bitwise, forecasts that inflows into Ethereum-based exchange-traded products (ETPs) could push ETH prices above $5000.
On July 5, a wallet acquired an NFT named "Neon Village" for 20 ETH (~$58,000) using a bid that was placed on SuperRare back in 2021.
