Ethereum price barely moves after SEC Green Lights ETF.

The price of Ethereum has remained broadly flat following the historic approval of eight cash exchange-traded funds (ETFs), giving investors exposure to the second-largest digital asset by market capitalization.

According to data from CoinGecko, the price of Ethereum reached $3,856 within minutes of confirmation of approval before falling to $3,771. It’s up to $3,825 at the time of this writing, but the movement so far has been relatively minimal.

ETH is up just over 1% on the day, but over the past seven days the asset is up a whopping 30%.

The U.S. Securities and Exchange Commission (SEC) remained silent on the product for months, and industry observers and analysts expected the regulator to reject it.

But that changed this week as word dropped that the SEC was expected to approve the funds. Fund managers began rewriting documents and revising important forms. This was a sign that the product would soon be approved.

And today, they received approval. The product allows retail investors to purchase stocks traded on stock exchanges and track the prices of digital assets.

Ethereum and other digital coins and tokens can be difficult for traditional investors to buy, sell, and store. Popular, recognized and regulated investment vehicles like ETFs simplify the process and allow people to participate in the cryptocurrency world without having to be tech-savvy.

Last January, the SEC reluctantly approved 11 Bitcoin exchange-traded funds. Historic product launches have sent prices of the biggest digital coins soaring as cash flows in quickly from investors who had previously been excluded.

Despite Ethereum’s rise, the coin is still 22% below its all-time high of $4,878 in November 2021.

Editor: Andrew Hayward