The U.S. Securities and Exchange Commission (SEC) approved all Spot Ethereum ETFs on Thursday. The development represents a monumental shift in the financial sector where trillion-dollar management firms will now take entry positions in the cryptocurrency market. This is the second such approval this year as the SEC allowed Bitcoin ETFs in March. Now that the Ethereum ETF is a reality, millions worth of profits could also flow into Shiba Inu (SHIB) and other cryptocurrencies.
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Bitcoin and Ethereum ETFs allow trillion-dollar asset firms like BlackRock, and VenEck, among others to invest in Spot BTC and ETH. The investments could push BTC and ETH prices up in the charts making them rally. When BTC and ETH rallies, they pull other cryptocurrencies up along with it. Therefore, if Ethereum ETF pushes ETH prices, Shiba Inu could also benefit from the price run.
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Ethereum ETF: Millions Worth of ETH Profits Might Flow Into Shiba Inu (SHIB)
If cryptocurrency investors make profits in Ethereum, they could further invest their returns in Shiba Inu and other tokens. This helps the broader cryptocurrency market and leading altcoins like Ripple’s XRP, Cardano’s ADA, and VeChain’s VET could benefit.
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In 2024, the cryptocurrency market has experienced a paradigm shift where institutional funds are taking entry positions through ETFs. The playing field is set for Bitcoin, Ethereum, and Shiba Inu and three cryptocurrencies could hit new highs. Read here for a realistic price prediction on when SHIB could hit the $0.01 and $1 milestone.
At press time, Ethereum was trading at $3,712 and is down close to 6% in the 24-hours day trade. On the other hand, Shiba Inu was trading at $0.00002421 and is also down nearly 6% in the indices. Both cryptocurrencies could scale up in price once institutional funds begin taking entry positions in the Spot ETH.