GM, Liam here.

Ethereum soared 20% in the lead-up to approval for the cryptocurrency’s ETFs.

But one key hiccup: Markets might not start trading Ethereum ETFs for a few months.

That’s because the Securities and Exchange Commission still needs to approve issuers' S-1 filings — a detailed registration form the SEC must approve before securities can be listed on American exchanges.

Thursday’s approval was only for the 19b-4 filings, which let issuers amend their initial filings with the SEC.

It’s a minor snag for most Ethereum investors, but the nuance threw another market into total chaos. It revolves around the meaning of “approval.”

A bet on Polymarket — Ethereum ETF approved by May 31? — garnered more than $11 million in speculators’ money betting “Yes” or “No” ahead of Thursday’s approval. 

While Ethereum investors celebrated on crypto Twitter, the Polymarket bet was immediately disputed. 

“It is quite, quite clear that an ETF needs both things (a 19b-4 for the exchange and an S-1 for the issuer) to be approved by the SEC,” said JustKen, a prolific Polymarket bettor who held around 120,000 “No” shares.

The dispute is resolved, and Polymarket now says the ETFs are indeed approved.

As for JustKen, they’ve since changed their name to Revenge Tour19B4.

Welcome to crypto, where even when you win, you lose.

As Ethereum ticks higher, its fees are plummeting. Here’s why that’s a problem

Transaction fees on Ethereum are nearly as low as the depths of the 2022 bear market, even as Ether continues to rally. So what gives? DeFi correspondent Tim Craig explains why.

With Ethereum ETFs poised to rock the US market, Europe asks ‘what took you so long?’

As Ethereum investors stateside celebrated the ETF approval, European investors are less enthused. Products that have been on the market for years haven’t attracted nearly the same interest, Inbar Preiss reports.

Why one analyst thinks Ethereum ETFs will be ‘disappointing’

Investors quickly piled into spot Bitcoin ETF products shortly after their launch. Will the same be true for Ethereum ETFs? Unlikely, according to at least one analyst, writes Aleks Gilbert.

Post of the week

The hype around the Ethereum ETF has also sparked chatter that a Solana ETF is the next contender for SEC approval. Nate Geraci, president of the ETF Store and co-founder of the ETF Institute, says that’s unlikely — for now at least.