3min read
Published on: Jul 16, 2024
#Crypto 360
#Daily Brew
As per the latest buzz in the market, spot Ethereum (ETH) exchange-traded funds (ETFs) will launch in the United States next Tuesday.
Senior Bloomberg ETF analyst Eric Balchunas posted on X (formerly Twitter) that the Securities & Exchange Commission (SEC) has asked ETF issuers to complete formalities and submit fees by 17 July.
Balchunas identified a key date of 23 July, Tuesday, as the launch date for spot ether ETFs.
Source: X/Eric Balchunas
Around the same time, a group of bipartisan House lawmakers requested the SEC Chair Gary Gensler to approve these ETFs similar to spot Bitcoin ETFs.
Now, the issuers only need to get their S-1 registration statements approved by the SEC to begin offering these ETFs on the trading market.
The SEC has given “preliminary approval” to at least three issuers, with others in the queue.
The spot ether ETFs would trade on the Nasdaq, the New York Stock Exchange (NYSE) and the Chicago Board Options Exchange (CBOE).
It seems that similar to the launch of spot Bitcoin (BTC) ETFs in January, spot ether ETFs will be launched simultaneously.
Reacting to the latest announcement, ETH soared nearly 7% within 24 hours to $3,430.
Source: BitDelta, ETH/USDT
The king coin Bitcoin also seems to be recovering from the recent downward trend as it soared 8% over the last two days to nearly $65K.
Source: SoSo Value
Early this month, leading crypto exchange Gemini stated in a report that spot ether ETFs could see net inflows of as much as $5 billion within the first six months.
Along with the assets under the Grayscale Ethereum Trust (ETHE), it could push the value of the total assets under management (AUM) for spot ether ETFs to a range of $13- $15 billion.
A figure below $3 billion would be disappointing for spot ether ETFs, the report added.
As far as spot Bitcoin ETFs are concerned, they saw a net inflow of $15 billion within the first six months.
This article is for informational purposes only and not intended as investment or financial advice. It contains opinions and speculations that are subject to change without notice.
The author and publisher disclaim any liability for decisions made based on the content of this article. Readers are advised to conduct their own research and consult a financial advisor before making investment decisions.
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