Ethereum Dips 3% as SEC Pushes ETF Options Decision to November

The cryptocurrency markets traded lower on Wednesday, with total market capitalization down 1.5% in the past 24 hours.

Bitcoin (BTC) fell 1% to $63,150, while Ethereum (ETH) dipped 3% to $2,580.

After a 14% rally in Ether over the past week, the second-largest cryptocurrency by market capitalization has entered a consolidation phase, struggling to break out of the $2,500 to $2,700 range.

The U.S. Securities and Exchange Commission (SEC) said it would extend the review period for approving options trading on spot Ethereum exchange-traded funds (ETFs) to Nov. 11 . A decision was initially expected at the end of September.

This delay comes four days after the SEC approved options trading for BlackRock’s iShares Bitcoin Trust (IBIT) ETF on Nasdaq.

Following the SEC’s announcement, betting odds on Polymarket shifted for Ethereum achieving a new all-time high (ATH) in 2024. The odds of ETH not hitting a new ATH rose to 85%, up from 71% the week before. Only 16% of bettors now believe Ether will set a new ATH in 2024. The total wagers placed on these outcomes amount to roughly $3 million.

Bitcoin Sentiment Shifts

Meanwhile, the sentiment for Bitcoin seems to be shifting.

According to data from AltIndex, Bitcoin’s sentiment score jumped by 30% to 83. This marks one of the highest readings in the past six months, just behind the sentiment spike seen in March following the approval of Bitcoin ETFs.

CryptoQuant analyst Axel Adler Jr. noted that Bitcoin’s sell-side risk has hit a “minimum zone,” with fewer holders willing to sell.

“Since the $73K peak, the number of people willing to sell Bitcoin has dropped to a minimum zone over the past 6 months,” the analyst said on Sept. 25.

While Ethereum and Bitcoin faced stagnation, some altcoins demonstrated stronger price action.

Polkadot (DOT) and Solana (SOL) both climbed 2%, signaling that investor interest is still robust in certain areas of the altcoin market. Sei (SEI) and Sui (SUI) led gains, with both surging over 20% to dominate the top 100 digital assets by market capitalization.

Stock markets also dipped on Wednesday. The S&P 500 is down 0.3%, while the Nasdaq Composite is trading flat.