Ethereum consolidates around $3,370 as investors prepare for the actual launch of the first US ETH spot ETF. Some market participants estimate that inflows into recently approved spot ETFs could total as much as $45 billion.

The SEC's decision to give the ether ETFs the green light has managed to push the ETH token up 26% in the past week - the biggest weekly gain since the 2021 crypto bull run.

Ethereum received a ~20% boost yesterday amid some media reports suggesting the imminent approval of Ethereum spot ETFs by the US Securities and Exchange Commission. This was the steepest rise for ETH since November 2022.

The drop comes amid the Grayscale's decision to withdraw its ETH futures ETF application. A diminishing chance of ETH spot ETF approval by the SEC is also taking a toll on the current price action.