Ethereum
Bloomberg Analyst Confirms Ethereum ETFs Will Launch Next Week
The Securities and Exchange Commission (SEC) is expected to approve the Ethereum spot exchange traded funds (ETF) next week, with trading set to begin on July 23, Eric Balchunas, senior ETF analyst at Bloomberg, reported on July 15, citing industry sources.
This development follows recent communications between the SEC and ETF issuers, signaling a potential green light for the highly anticipated financial products.
Balchunas revealed via social media that the SEC has asked issuers to submit their final S-1 forms, including the necessary fees, by July 17. The SEC is expected to request that they become effective after the close of trading on July 22, paving the way for a commercial launch on Tuesday for the Ethereum ETFs.
However, Balchunas added:
“This is planned, barring any last-minute unforeseen circumstances, of course!”
The news comes in the middle growing anticipation In the crypto community, ETF Store President Nate Geraci has predicted this week as the likely approval period for spot Ethereum ETFs. He tweeted earlier today:
“Welcome to spot eth ETF approval week… I call it. I don’t know anything specific, I just can’t think of a good reason for another delay at this point. Issuers are ready to launch.”
The timing of the expected SEC approval coincides with the largest Bitcoin conference of the year, adding to the excitement within the crypto industry.
The introduction of ETH spot ETFs is seen as a significant milestone for the crypto industry as it will provide investors with a new avenue to gain exposure to Ethereum through a regulated financial product.
Following the launch, market watchers anticipate substantial investment flows and the potential introduction of additional cryptocurrency-based financial products, including those based on Solana and other digital assets.
Balchunas suggested that this marks the beginning of crypto ETFs, with other tokens set to follow in the footsteps of Bitcoin and Ethereum, starting with Solana. He said:
“Keep in mind that after launch, there will be flows and then you have to add products, I’m sure, and then Solana, and then… it will probably never end. The dam has burst.”
At press time, Ethereum was up 5.23% over the past 24 hours and trading at $3,418, according to data from CryptoSlate.
Ethereum Market Data
At the time of going to press, July 16, 2024 at 00:27 UTC, Ethereum is ranked #2 by market capitalization and the price is up 6.94% over the past 24 hours. Ethereum has a market cap of $419.56 billion with a 24-hour trading volume of $18.13 billion. Learn more about Ethereum ›
Cryptocurrency Market Summary
As of press time at 00:27 UTC on July 16, 2024, the total cryptocurrency market is valued at $2.37 trillion with a 24-hour volume of $84.72 billionBitcoin dominance is currently at 53.80%. Learn more about the cryptocurrency market ›