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Ethereum Doesn’t Disappoint After US Approval of Spot ETH ETF, What Does It Mean?

Newyork, Pintu News – Even though the U.S. The Securities and Exchange Commission (SEC) had approved an Ethereum spot exchange-traded fund (ETF) on May 23, Ethereum (ETH) price failed to stay above $3,800 on May 24, which was surprising considering ETH was trading at $3,943 just two days earlier. The decision, especially its timing, took many by surprise. Check out the complete news below!

Ethereum Still 24% Below Record High

Many market participants were quick to point out that the SEC has not yet approved individual S-1 statements from each issuer, a process that could take months. These delays, among other factors, hampered Ether’s performance, including stagnant growth, relatively high transaction costs, and regulatory uncertainty in the US.

Some of the recent profit-taking likely stems from anticipation of the spot ETF approval, which sparked a 23% rally on May 20, an event often called “sell the news.” Traders bought ETH in hopes of an official announcement, especially after the SEC reportedly pushed exchanges like the NYSE and Nasdaq to speed up their 19b-4 filings on May 20.

 

Ethereum Network Metrics Show No Signs of Improvement

Over the past 30 days, Ethereum network usage metrics show a lack of growth in decentralized application (DApps) volume and deposits. Total value locked (TVL) in the Ethereum network decreased by 6% after reaching a peak of 18.3 million ETH on May 16.

This metric does not consider DApps that do not require a large deposit base, such as non-fungible token (NFT) marketplaces, games, social networks, and collectibles. A detailed examination of the network’s leading applications reveals a significant concentration of volume on Uniswap, a top decentralized exchange (DEX).

Additionally, seven of the top ten Ethereum DApps, ranked by 30-day volume, saw active addresses decrease. Uniswap, the leader, saw activity drop by 25%.

Conclusion

Even though spot ETF approval has been granted, Ethereum still faces challenges in optimizing its performance in the market. Regulatory uncertainty, stagnant network growth, and arbitrage issues are factors that need to be considered for investors and crypto market players. Thus, the next steps in Ethereum’s development will be crucial for the future of crypto as a whole.

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