ETH is down nearly 4% as ETH ETF investors and whales continue to sell off their holdings, leading to accusations against Ethereum co-founder Vitalik Buterin for not having faith in ETH as a store of value. This selling pressure has resulted in eight consecutive days of net outflows for ETH ETFs and heavy liquidations in the traditional crypto market. Despite the accusations, Buterin maintains that he holds 90% of his net worth in ETH. The current price decline could potentially see ETH testing a lower ascending trendline before a potential rally.
In a surprising turn of events, the Securities & Exchange Commission approved spot Ethereum ETFs on Thursday, leading to a significant rebound in the digital asset's value. This decision follows US lawmakers urging SEC Chair Gary Gensler to approve the ETFs and discussions in Hong Kong about offering ETH staking to investors. The SEC also approved 19b-4 and S-1 filings from eight ETF applicants, leading to optimism about the potential for ETH ETFs to be officially launched.