‘Research that never gives up’: Cryptocurrency Twitter reacts to Ethereum ETF victory

adminMay 24, 2024

Crypto Twitter scored another win for 2024 after the U.S. Securities and Exchange Commission approved eight spot Ethereum ETFs on Thursday, the first Bitcoin ETF was approved in January, and the U.S. House of Representatives voted on 21st Century Financial Innovation and Finance. Passed the Technology Act ( FIT21 ), Wednesday.

Lawmakers from both parties have urged the SEC to approve a spot Ethereum ETF, saying exchange-traded products should receive the same fees as spot Bitcoin ETFs.

Crypto Twitter was quick to react to the news that the SEC approved an Ethereum ETF. Here are some of the notable reactions following the historic news:

This week, today was a roller coaster unlike any day I’ve ever seen. ETH is effectively considered a commodity, as we have always known it. I’m proud to be on the team @CoinbaseWe are a trusted partner and custodian for many of the issuers who approved 19b-4 tonight. pic.twitter.com/nz1HHFbBSQ
– paulgrewal.eth (@iampaulgrewal) May 23, 2024

All the fuss as ETH prints daily +1% candle
— foobar/ (@0xfoobar) May 23, 2024

Maxi on No Coins: “There will never be a BTC spot ETF.”
Bitcoin Maxi: “There will never be an ETH spot ETF.”
Ethereum Maxi: “There will never be a SOL spot ETF.” pic.twitter.com/i0fOVx3HSl
— Ailo (@alpha_pls) May 23, 2024

While the majority of cryptocurrency believers celebrated this, some were more cautious.

Alpha on why ETH is lagging:
–>Only 19-4 is approved, S-1 is not approved
–>Approved by Trade/Market Divide under ‘Delegated Authority’.
–>Means that committee members can object within the next 10 days (which also means they’re trying to hide their vote for political reasons).
What’s really going on…
— _gabrielShapir0 (@lex_node) May 23, 2024

Approval was always 50/50. #Ethereum Spot ETF. The SEC was truly backed into a corner and had no choice but to pass. It is important to understand that this does not change the bearish outlook for Ethereum at all. https://t.co/pS08fwRWe8
— Samson Mou (@Excellion) May 23, 2024

And finally, there is the figure of MOG who earlier this month asked former President Trump to store his cryptocurrencies in the United States. At least some industry observers believe this move could shake up political momentum for cryptocurrencies.