In the past week, there has been a significant focus on cryptocurrencies, especially following the news about spot Ethereum ETFs. This news led to a surge in Ethereum and Bitcoin prices, with Ethereum nearly hitting the $4,000 mark. On May 23, the SEC approved eight ETF applications, causing notable market fluctuations. Although it is still unclear when trading will commence in the US, a major update from the DTCC has just emerged.

Fidelity's Ethereum ETF Listed on DTCC

Recently, the DTCC announced the listing of Fidelity’s spot Ethereum ETF under the ticker $FETH. This news has stirred considerable interest, following the approval of the ETFs last week. While DTCC listings do not guarantee the start of trading, they are seen as a positive signal for the market and public sentiment. Fidelity, which previously played a key role in the spot Bitcoin ETF process, is now under the spotlight for its involvement in the spot Ethereum ETF market.

Ethereum Price Update

Currently, Ethereum is trading around $3,780 after experiencing a 1.57% decline over the past 24 hours. The gains made by Ethereum in the past week have almost entirely evaporated. Ethereum’s market cap has dropped to $452 billion, with a 10% decrease in 24-hour trading volume, now valued at $17 billion. This drop is seen as a sign of declining investor interest.

The recent loss of interest is largely attributed to comments from US officials. A recent statement from a Federal Reserve official about potential interest rate hikes has caused market anxiety. The market remains uncertain about when rates might decrease, and participants are eagerly waiting for positive news from the Fed.

Conclusion

In summary, the listing of Fidelity’s spot Ethereum ETF on the DTCC is a significant development in the crypto market, following the recent SEC approvals. While it has sparked interest, the market remains cautious amid economic uncertainties and statements from US officials. Ethereum’s price and trading volume have seen declines, reflecting investor sentiment and market conditions.