Do we even need to mention the most significant news from last week? Probably not. However, here is a brief summary: the U.S. Securities and Exchange Commission (SEC) approved an Ethereum spot ETF on Thursday. We detailed the entire approval process and its imminent impact on Ethereum and the broader crypto market in last week’s Crypto Nugget and Crypto Moves #29.

Almost as significant as the approval itself is the shift in the U.S. regulatory environment’s tone toward crypto. Over the weekend, Donald Trump reiterated his support for crypto, while bookmakers are increasingly betting on his victory in the 2024 U.S. Presidential Election. These rising odds for Trump might push Biden to adopt an even more positive stance on crypto. The imminent launch of Ethereum spot ETFs, the expected increase in U.S. liquidity, strong inflows into U.S.-based Bitcoin ETFs of $1.061 billion last week, and the heightened political focus on crypto make it hard not to be bullish both in the near and long term. Additionally, it is anticipated that the first physically-backed crypto ETPs tracking Bitcoin and Ether on the London Stock Exchange will begin trading as early as tomorrow.

With that said, welcome to another week in crypto. It might not be as thrilling as last week, but smaller developments are also welcome.