The U.S. Securities and Exchange Commission (SEC) approved an all-stock Ethereum ETF on Thursday. The development represents a major shift in the financial sector, with trillion-dollar management firms now set to enter the cryptocurrency market. This is the second approval this year, with the SEC approving a Bitcoin ETF in March. Now that an Ethereum ETF is a reality, millions of dollars in profits could also flow into Shiba Inu (SHIB) and other cryptocurrencies.
Bitcoin and Ethereum ETFs allow trillion-dollar asset companies such as BlackRock, VenEck, etc. to invest in spot BTC and ETH. These investments could push BTC and ETH prices higher on the charts, driving them higher. When BTC and ETH rise, they drive other cryptocurrencies higher. Therefore, if the Ethereum ETF drives ETH prices higher, Shiba Inu may also benefit from the price increase.
Ethereum ETF: Millions of ETH worth of profits could flow into Shiba Inu Fund (SHIB)
If cryptocurrency investors make profits on Ethereum, they can further invest their gains in Shiba Inu and other tokens. This helps the broader cryptocurrency market, and leading altcoins such as Ripple’s XRP, Cardano’s ADA, and VeChain’s VET are likely to benefit.
In 2024, the cryptocurrency market undergoes a paradigm shift, with institutional funds entering the market through ETFs. The playing field for Bitcoin, Ethereum, and Shiba Inu is ripe, and all three cryptocurrencies could hit new highs.
At press time, Ethereum is trading at $3,712, down nearly 6% in 24-hour trading. On the other hand, Shiba Inu is trading at $0.00002421, also down nearly 6%. Once institutional funds start to enter ETH, the prices of both cryptocurrencies are likely to rise.
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