Eight spot Ethereum ETFs were approved in an omnibus order earlier today. Yet it may be a while longer before they go live.

The SEC approved the 19b-4 forms for Ethereum ETFs, which include offerings from BlackRock, Fidelity and Grayscale. For these products to start trading, however, their S-1 registration statements need to go effective.

When the Bitcoin ETFs were approved, the S-1 forms were ready ahead of the 19b-4 approvals. This resulted in the S-1 forms becoming effective very quickly, with trading beginning the following day.

What's different for the Ethereum ETFs is that the SEC hadn't been engaging with issuers until earlier this week. Pundits have speculated it may have been a political decision behind this last-minute change of heart. Now while the issuers were able to turn …