SEC Officially Approves Ethereum Spot ETF Trading Tomorrow

The SEC has officially approved Spot trading Ethereum ETFs for tomorrow, July 23. US regulators have given final approval for S1 forms of ETFs that hold Ethereum’s ether. Ether ETFs will be available for trading at the opening of trading.

The asset is expected to be only the second cryptocurrency-based ETF in the United States. Moreover, the market is hoping that it can reflect Bitcoin Success. The leading cryptocurrency launched its ETF in January. Just three months later, BTC hit a record price of $73,000.

The move caps a multi-year process to get Ether ETFs approved by the SEC, giving investors a new crypto asset to invest in. Ether ETF applicants first received Form 19b-4 approval in May. However, there have been multiple delays on the SEC’s side in reviewing the final documents. We are now less than 24 hours away from the first trades of an Ethereum Spot ETF.

Also read: Ethereum: Is ETH a lock for $4,000 after ETF launch?

How will Ethereum perform against Bitcoin after Spot ETF launch?

Additionally, the timing of the approval is an interesting point. The SEC greenlights the Ethereum ETF launch date at the biggest Bitcoin conference of the year. This week is no longer just about Bitcoin, as Ethereum joins the spotlight with its ETF launch tomorrow. BTC and ETH are the only two cryptocurrencies to have an ETF in the United States, but more are expected to launch next year. The first Solana-based ETFs SOL have already received applications for listing, and other cryptocurrencies like XRP are also expected to join the ETF conversation.

Cboe will host most of the initial Ether ETF trades, with other exchanges expected to join shortly after trading begins. With the Ethereum ETFs debuting, the entire cryptocurrency market is expecting a surge like it did after Bitcoin ETFs were approved in January.

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