The recent approval of spot Bitcoin ETFs on January 10 caused sudden market changes and a rise in Bitcoin prices as the halving event neared. There had been much discussion regarding the impact of ETFs on the market, which shifted towards Ethereum after the Bitcoin ETFs were approved with several companies applying for similar products.

A Franklin-owned Spot Ethereum ETF appeared on the US DTCC website, leading to excitement among investors. The ETF, called EZET, created anticipation for what might happen next in the market.

Despite recent SEC actions causing uncertainty around Ethereum's classification, the news of the Ethereum ETF sparked interest among investors. However, the price of Ethereum did not show the expected increase, with a 1% drop to $3,130 leading to a decrease in the market cap to $382 billion.

The 24-hour trading volume of Ethereum also experienced a decline, standing at $10.6 billion after dropping over 20%. With a major bank statement hinting at a decrease in confidence for an ETF approval in May, there is potential for excitement in the market and a positive impact on ETH prices in the near future.