The price of Ethereum has has largely remained flat following the historic approval of eight spot exchange-traded funds (ETFs) that give investors exposure to the second-biggest digital asset by market cap.

Ethereum's price hit $3,856 within minutes of the confirmed approval, per data from CoinGecko, then dipped down to $3,771. It's up to $3,825 as of this writing, but so far, the moves have been relatively minuscule.

ETH is up a little more than 1% on the day, but over the past seven days, the asset is up a massive 30%.

The U.S. Securities and Exchange Commission (SEC) had been quiet on the products for months, leading industry observers and analysts to expect the regulator to say no to them.

But things changed this week when rumors dropped claiming that the SEC was expected to say yes to the funds. Fund managers started refiling paperwork and making amendments to important forms—signs that the products were about to be approved.

And today, they got the green light. The products allow ordinary investors to buy shares that trade on a stock exchange and track the price of the digital asset.

Ethereum—and other digital coins and tokens—can be daunting for traditional investors to buy, sell, and store. Popular, recognized, and regulated investment vehicles like ETFs simplify the process and allow people to get involved in the crypto world without being tech savvy.

The SEC in January reluctantly gave the green light of 11 spot Bitcoin exchange-traded funds. The historic launch of the products have led to the price of the biggest digital coin to surge as cash fast enters the space from previously excluded investors.

Despite Ethereum's rise, the coin is still 22% below its November 2021 all-time high of $4,878.

Edited by Andrew Hayward