Indodax Says Institutional and Retail Investors Are Increasingly Interested in Bitcoin

Previously, Indodax assessed that the United States Securities and Exchange Commission (SEC) approval of Ethereum Exchange-Traded Funds (ETF) could expand developers into the ecosystem and increase the number of investors.

Additionally, SEC approval of an Ethereum ETF could boost Ethereum demand and price. Based on monitoring on May 27, 2024, the price of Ethereum shot up 3.72 percent to USD 3,910 in the last 24 hours. During the week, the price of ethereum soared 26.58 percent.

Previously, when the SEC announced that it was asking exchanges to complete documents 19B-4 and S1 for the Spot Ethereum ETF, the price of Ethereum had jumped by around 26 percent at the end of May 23 2024 to a price of around IDR 63 million, as quoted by Antara, Monday (27/5/ 2024).

“The SEC's approval of the Ethereum ETF increases demand and drives prices up,” said Indodax CEO Oscar Darmawan.

He added that this not only shows that regulators are increasingly accepting the existence of digital assets, but also opens up new opportunities for investors to diversify their portfolios in a safe and secure way.

The SEC has approved eight Ethereum ETFs, including from well-known investment management companies such as BlackRock and Fidelity, Grayscale, Bitwise, VanEck, Ark, Invesco Galaxy and Franklin Templeton.

This decision marks a significant step forward in the acceptance and adoption of crypto assets, particularly Ethereum, in traditional financial markets. Oscar said, Ethereum, as one of the largest crypto assets after Bitcoin (BTC), has shown extraordinary growth and potential.