- Spot Ethereum ETFs will potentially begin trading next Tuesday.
- The SEC is currently gathering final drafts from potential Ethereum spot ETF issuers.
Ethereum [ETH] broke above $3,400 earlier in the day, posting an intraday high of $3,498 on CoinMarketCap before the momentum fizzled out. The leading altcoin was trading at $3,445 at the time of writing, up 3.64% in the past 24 hours.
Source: ETH/USDT chart, TradingView
Although ETH rebounded from its dip below $3,000 last week and was trading 12.8% higher over the past seven days at press time, it was still down 13.2% from its March 11 high.
These latest gains come just after reports of imminent approval of an Ethereum spot exchange-traded fund (ETF) in the United States next week.
Ethereum Spot ETF Update
ETF market commentator Nate Geraci strongly predicted earlier this week that the U.S. Securities and Exchange Commission (SEC) would soon approve the resubmitted registration statements.
In a message posted Sunday on X (formerly Twitter), Geraci wrote,
“Welcome to the site [ETH] ETF approval week. I’m announcing it. I don’t know anything specific, I can’t find it. [without] There are good reasons for further delay at this stage. The transmitters are ready for launch.”
Bloomberg ETF analyst Eric Balchunas backed Geraci in another article, adding that only an unforeseen last-minute setback could delay the launch. recognized,
“Nate’s instincts were right, he heard the SEC finally responded to issuers today, asking them to return the final S-1s on Wednesday (fees included) and then request an effective date after the close on Monday for a Tuesday, July 23 launch.”
Furthermore, a report by Reutersdated July 15, cited three sources as saying the SEC would likely greenlight applications from at least three issuers — BlackRock, VanEck and Franklin Templeton — to begin trading “next Monday.”
This final approval step will depend on the issuers submitting the final documents before the end of the week, according to informed sources.
Market anticipation
While the specific approval date remains uncertain at this time, excitement has been building in the market in recent weeks since the SEC approved the applicants’ Form 19b-4 filings in May.
In June, the U.S. SEC provided comments on the S-1 filings, highlighting areas requiring review.
Last week, the securities regulator required eight asset managers seeking approval for their spot Ethereum ETFs to submit amended S-1 registration statements.
The approval of an Ethereum spot ETF is expected to have a significant impact on the Ethereum market and the broader crypto industry.
ETF offerings, which are tied to the spot price of Ether, provide investors with a new avenue to gain exposure to the altcoin through a regulated financial product.
Most market analysts have predicted that Ether ETFs could attract investment flows from institutional investors, potentially replicating the influx of spot Bitcoin ETFs seen in the first half of the year.
US spot Bitcoin ETFs have attracted $16.12 billion in inflows since their launch earlier this year, data Farside’s Bitcoin ETF flow chart shows.
Source: Yahoo Finance
Read Ethereum [ETH] Price forecast 2024-2025
It is worth noting that the expected launch date coincides with the week of 2024. Bitcoin conference in Nashville.
The conference, which will take place July 25-27, will feature high-profile speakers including MicroStrategy Executive Chairman Michael Saylor, ARK Founder Cathie Wood, independent U.S. presidential candidate Robert Kennedy Jr. and Republican U.S. presidential candidate Donald Trump.