"Why did the Ethereum spot ETF not experience a big pump?"

I see that many people don't understand this issue very well, so let me explain the difference between the two files. Last night, the US SEC passed the 19b-4 files of 8 Ethereum spot ETFs. This is a form used to report to the SEC the rule changes that allow ETFs to be traded on exchanges, such as introducing new products, modifying trading mechanisms, or other related exchange policies.
Once submitted, the SEC will review the proposal and seek public comments before deciding whether to approve it. However, the approval of the 19b-4 filing does not guarantee the approval of the ETF. The formal listing still requires the ETF issuer to obtain SEC approval for the S-1 filing.
S-1 document is a registration statement submitted by a company to the SEC for initial public offering (IPO) or other securities issuance, including the listing of ETFs.
The S-1 filing is not the final step, but it is a crucial step under the supervision of the U.S. SEC! Only after the SEC completes its review and grants approval to the S-1 filing, can the fund manager proceed with the preparation for the official listing of the ETF, including determining the listing date and conducting marketing.
In general, if 19b-4 is approved, it means there is a chance; after S-1 is approved, it will be a done deal. Currently, this process takes several weeks to months, so the price will not skyrocket in the short term. In addition, multiple spot Ether ETFs have been listed on the DTCC website, which may be the script for a Bitcoin spot ETF!