The wait is over! The Securities and Exchange Commission (SEC) has approved the launch of spot Ethereum (ETH) exchange-traded funds (ETFs), which will begin trading next Tuesday. This marks a significant milestone for Ethereum, paving the way for broader adoption and potential market growth.
What does this mean for you, the investor? Here’s the insight into today’s mega update.
Eric Balchunas, a senior ETF analyst at Bloomberg Intelligence, confirmed the news on social media platform X. He stated that, barring any unforeseen issues, the SEC has requested issuers to finalize their S-1 documents by Wednesday, setting the stage for a trading debut on July 23.
Once listed, spot Ether ETFs are expected to attract substantial investment. Crypto exchange Gemini forecasts that these ETFs could see inflows of up to $5 billion within the first six months. Steno Research goes further, predicting potential inflows of up to $20 billion within the first year of trading.
Sources close to the matter report that the SEC has no additional comments on the recently submitted documents, indicating a clear path forward for these ETFs.
Major Players Are Entering the Game
Notable issuers like VanEck and Invesco Galaxy are gearing up to launch their ETFs next week. Market analysts predict these funds will draw significant investments, with estimates ranging from $5 billion in the first six months to $20 billion in the first year.
Instituitions Are Taking Notice
Nate Geraci, a notable figure in the crypto world, highlighted that crypto assets are becoming increasingly popular among institutional investors and financial advisors. He suggested that Ethereum ETFs might replicate the success of Bitcoin ETFs, despite current market conditions.
Crypto expert Michaël van de Poppe observed that Ethereum has recently outperformed Bitcoin. He believes that the new Ethereum ETF could enhance its market dominance.
Following the news, Ethereum’s price surged by 7.3% on Monday, surpassing Bitcoin’s 6% gain and contributing to a broader market uplift. Ethereum is showing bullish trends above its 50-day and 200-day Exponential Moving Averages (EMAs). Breaking above the $3,471 resistance level could see prices reaching $3,835, while a drop below the 50-day EMA might target $3,244. The Relative Strength Index (RSI) at 59.75 indicates a rise to $3,835 before becoming overbought.
The approval of ETH ETFs is seen as a significant step for the crypto market, potentially leading to increased institutional investment and greater market stability. Last week, in anticipation of the SEC’s approval, an Ethereum whale purchased 10,545 ETH worth $33.29 million, creating a surge of positive sentiment in a previously downturned market. ETH is currently trading at $3,487.
Stay tuned for updates on the US ETH-spot ETF market.
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