Immediately after Ethereum spiked on August 29, a whale bought 8,000 ETH at $1,709, spending 13.66 million USDC. ETH prices continue to rise, trading at around $1,740 when writing.

The coin may post even more gains in the sessions following a shift in trader sentiment after a favorable appellate court ruling in the case pitting Grayscale, the issuer of several trusts, including the Bitcoin Trust, versus the United States Securities and Exchange Commission (SEC).

The Grayscale Catalyst

The United States District of Columbia Court of Appeals faulted the SEC for not allowing Grayscale to convert the billions worth of over-the-counter (OTC) Bitcoin Trust to a Bitcoin spot Exchange-Traded Fund (ETF). The SEC has already approved a Bitcoin Futures ETF that doesn’t track the price of Bitcoin directly. 

In their argument, Grayscale asserts that measures implemented to ensure that prices aggregated for the Bitcoin index used to guide the Bitcoin Futures ETF are safe. As such, the same could be applied in guaranteeing the credibility of data streams used as input for a Bitcoin spot ETF.

Grayscale added that their surveillance sharing agreements with the Chicago Mercantile Exchange (CME) should effectively flag and stamp out any attempt to manipulate Bitcoin prices.

Will The SEC Approve An Ethereum Futures ETF?

Following this development, it is likely that the SEC will approve a Bitcoin spot ETF in the coming months. However, nothing is guaranteed, as the asset manager still needs to complete a process controlled by the regulator.

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Author: Dalmas Ngetich

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