10x Research: After the spot Ethereum ETF is listed for trading, a price correction of Ethereum will occur

10x Research stated that progress was made in the Ethereum ETF application process when the U.S. Securities and Exchange Commission (SEC) requested exchanges to update their 19b-4 application materials on May 20th. This development increased the probability of approval from 25% to 75%. By May 23rd, the SEC approved applications for spot Ethereum ETFs to be listed on exchanges, clearing major obstacles for approval.

In the following seven days, open contracts for Ethereum immediately increased by half a million. Driven by this, open futures contracts for Ether rose from $8.8 billion to $13 billion and Ether's price jumped from $3065 to its peak at $3959; Subsequently, we received further clarification from the SEC which has approved ETH ETF and will begin trading today. As with all previous cases - Bitcoin futures listing in December 2017, Coinbase listing in April 2021, future-based Bitcoin ETF listing in October 2021 and spot-based Bitcoin ETF listing in January 2024 - all caused pullbacks shortly after going public.