{"id":21206,"date":"2024-05-24T15:30:34","date_gmt":"2024-05-24T12:30:34","guid":{"rendered":"https:\/\/coinengineer.io\/?p=21206"},"modified":"2024-05-24T14:13:24","modified_gmt":"2024-05-24T11:13:24","slug":"drop-in-crypto-stocks-a-modest-setback-amid-spot-ethereum-etf-hype-says-analyst","status":"publish","type":"post","link":"https:\/\/coinengineer.net\/blog\/drop-in-crypto-stocks-a-modest-setback-amid-spot-ethereum-etf-hype-says-analyst\/","title":{"rendered":"Drop in Crypto Stocks A ‘Modest Setback’ Amid Spot Ethereum ETF Hype, Says Analyst"},"content":{"rendered":"

Amid developments in the approval process for spot Ethereum<\/a> ETFs, the value of several bitcoin miners and bitcoin-related stocks fell, as did broader stock markets on Thursday.<\/p>\n

On Thursday afternoon, the U.S. Securities and Exchange Commission (SEC) approved eight spot Ethereum ETFs, approving forms 19b-4 from BlackRock, Fidelity, Grayscale, Bitwise, VanEck, Ark, Invesco Galaxy, and Franklin Templeton.<\/p>\n

Hut 8 shares led the stock decline, falling 10%, while other miners such as Riot Platforms and Marathon Digital lost about 7.6% and 5.5%, respectively. MicroStrategy, which is considered by many to be a reflection of the bitcoin price because it holds a large amount of bitcoin, fell 6.2%.<\/p>\n

Shares of several spot bitcoin ETFs fell between 3% and 4%; But according to one sell-side analyst, these declines may be a blip on the radar.<\/p>\n

\u201cToday’s price action … appears to be a modest pullback, but we believe a positive supply-demand dynamic will support upward price movement in the coming months,\u201d Mark Palmer, an equity research analyst at Benchmark, told The Block. \u201cThe approval of a spot Ethereum ETF fits into a much more positive government regulatory narrative towards crypto in the US.\u201d<\/p>\n

Before spot Ethereum<\/a> ETFs can be launched, the SEC must approve form 19b-4 and then S-1 registration statements must go into effect before the ETFs can begin trading.<\/p>\n

\n

You can also freely share your thoughts and comments about the topic in the comment section. Additionally, don\u2019t forget to follow us on our\u00a0Telegram,\u00a0<\/strong><\/a>YouTube<\/strong><\/a>,\u00a0and\u00a0Twitter<\/strong><\/a>\u00a0channels for the latest news and updates.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Amid developments in the approval process for spot Ethereum ETFs, the value of several bitcoin miners and bitcoin-related stocks fell, as did broader stock markets on Thursday. On Thursday afternoon, the U.S. Securities and Exchange Commission (SEC) approved eight spot Ethereum ETFs, approving forms 19b-4 from BlackRock, Fidelity, Grayscale, Bitwise, VanEck, Ark, Invesco Galaxy, and<\/p>\n","protected":false},"author":6,"featured_media":15610,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9,2],"tags":[61,60,105,1000],"class_list":["post-21206","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-news","category-news","tag-bitcoin","tag-btc","tag-ethereum","tag-ethereum-etf"],"yoast_head":"\nDrop in Crypto Stocks A 'Modest Setback' Amid Spot Ethereum ETF Hype, Says Analyst - Coin Engineer<\/title>\n<meta name=\"description\" content=\"Amid developments in the approval process for spot Ethereum ETFs, the value of several bitcoin miners and bitcoin-related stocks fell, as did broader stock markets on Thursday.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/coinengineer.net\/blog\/drop-in-crypto-stocks-a-modest-setback-amid-spot-ethereum-etf-hype-says-analyst\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Drop in Crypto Stocks A 'Modest Setback' Amid Spot Ethereum ETF Hype, Says Analyst - 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