Investing.com -- Ether rose to highs of the day Monday as traders digested reports that the Securities and Exchange Commission could deliver its decision on whether to approve U.S. spot-ether ETFs as soon as next week, CNBC reported Monday.
ETH/USD rose 2% to 3,018.80
Following the SEC's approval of spot ETH 19b-4 applications from several issuers including VanEck, ARK Investments/21Shares and BlackRoc, on May. 23, the regulator is now inching closer to a decision on the second step of regulatory process on whether to approve the issuers' ethereum ETFs' registration statements, or S-1 forms.
The S-1 form is a key regulatory filing that details information about the company and the spot-ether ETF product such as risks, opportunities, financials and other metrics that potential investors may find useful.
But even as spot ether ETFs appear to be horizon, investor appetite for the underlying crypto ETH doesn't appear to be on the up and up.
On-chain data from Glassnode showed a decrease in ETH held by various address sizes and a jump in ETH flows to exchanges on Jul. 8.