On May 24th, the US Securities and Exchange Commission (SEC) officially approved 8 Ethereum ETFs with 19b-4 forms, including issuers such as BlackRock, Fidelity, and Grayscale. HashKey Group's Chief Analyst Jeffery Ding believes that Ethereum is following the successful path of Bitcoin ETFs and has a promising future. What's more attractive is that Ethereum spot ETFs are expected to join the staking mechanism and become interest-bearing assets. It is expected that in the medium term, the market size of Ethereum spot ETFs will reach 75% of Bitcoin spot ETFs.

In addition, Jeffery Ding believes that if the Financial Innovation and Technology Act of the 21st Century (FIT21) is passed, the regulatory authority for digital currencies will be transferred from the SEC to the Commodity Futures Trading Commission (CFTC). As the CFTC is more friendly towards cryptocurrencies, other cryptocurrencies may also apply to become spot ETFs in the future, leading the crypto industry towards the mainstream.