The SEC's recent apparent approval of Ethereum ETFs raised some questions about the decentralized betting platform. Those who lost money betting against the approval this month insist that the resolution made by Oracle was premature.

The SEC's potential approval of spot Ether ETFs has sparked a surge in Ether prices and optimism among investors, potentially paving the way for a broader range of crypto ETFs.

Despite high hopes for the Bitcoin halving event, market reactions have leaned toward sell-offs, keeping the cryptocurrency below anticipated values. Alongside this, Bitcoin ETFs have experienced substantive outflows, signaling potential shifts in investor confidence.

The regulator has significantly increased its enforcement actions in the crypto sector under Gary Gensler's leadership, with many crackdowns on major crypto entities and influencers.

As the SEC moves closer to approving spot bitcoin ETFs, Blackrock joins the queue for an Ethereum-based product.

After Cointelegraph posted on X to say that the BlackRock spot bitcoin ETF had been approved by the SEC, BTC price jumped by 7% before falling back to its original level. BlackRock’s CEO said this demonstrated the “pent-up interest in crypto.”

Just $6.6 million worth of volume was seen across the first day of trading across nine different Ethereum ETF products, prompting some analysts to suggest investors “rotate back” into Bitcoin.

Optimism must be in the air, as investment firms WisdomTree and Invesco have both filed spot bitcoin ETF applications with the SEC, within a week of that by BlackRock.