Meanwhile, Coinbase, a potential beneficiary of ether ETFs, surged by more than 8%, while Robinhood gained 4%.

Both companies offer cryptocurrency trading, but Coinbase might benefit more from ether ETFs as it provides various other crypto services, including custody and staking, along with a larger assortment of tradeable assets. Coinbase also manages a blockchain, known as Base, which is constructed on the Ethereum network.

Ether’s subdued price movement could be attributed to investors swiftly factoring in the SEC approval earlier this week. The cryptocurrency surged over 20% in two days, as expectations of an SEC green light for ether ETF applications shifted abruptly.

Prior to this, the prevalent opinion was that the agency would not approve the new funds, based on the lack of interaction by the agency on the filings. In contrast, leading up to bitcoin ETF approvals, the SEC was reportedly actively engaging with fund issuers.

Alex Saleh, partnerships lead at blockchain security company Coincover, also pointed out the uncertainty surrounding the launch date of the new products and which entities will be involved.

“This ambiguity makes it challenging to forecast any demand shifts that could lead to further price adjustments,” he explained. “Statements from prominent industry participants claiming this reaffirms ether’s classification as a commodity are also introducing added market uncertainty, with many investors awaiting the regulatory resolution of the commodities versus securities discussion.”