The American Securities Regulatory Body Approved Multiple Ethereum Spot ETF Applications.

Since the last couple of months, the majority of ETF experts have been speculating that the SEC body will not approve any of the Ethereum spot ETF applications because the securities regulatory body aimed to prove Ethereum as a security class asset.

The US Securities and Exchange Commission (SEC) has approved 19b-4 filings from several companies seeking to launch spot Ethereum ETFs.

The applications were filed by VanEck, BlackRock, Fidelity, Grayscale, Franklin Templeton, ARK 21Shares, Invesco Galaxy, and Bitwise.

The approval comes after months of speculation over whether the SEC would approve any spot ETF applications for Ethereum, given the agency's previous statements indicating that it aimed to classify Ethereum as a security class asset.

However, the approval of the 19b-4 filings does not immediately pave the way for the launch of spot Ether ETFs. The ETF issuers are still required to obtain approval from the SEC for their S-1 registration statements before the ETFs can officially begin trading.

Meanwhile, the price of Ethereum (ETH) remained largely unfazed by the news, with the coin trading up only 1.5% over the last 24 hours at $3,805.

Some on-chain analysts observed a brief drop in the ETH price below $3,800, which they attributed to the rapid sale of a large amount of ETH by a trading firm called Symbolic Capital Partners.

The firm's transactions showed the sale of 6,968 ETH, valued at $27.38 million, at an average price of $3,930 per ETH. Notably, one of the transactions involved the sale of 3,497 ETH at once, with a high fee of 90 ETH paid for the transaction.

In the same period, Bitcoin (BTC) price saw a decline of almost 3%, trading at $67,761 and down 2.4% over the last 24 hours.

As traders shifted their attention to the Ethereum market amid the positive news, it remains to be seen how the ETH price will react now that the approval-related news and hype have subsided.

In January, following the approval of Bitcoin spot ETF applications, the BTC price experienced a drop of nearly 12% over two days.