The United States Securities and Exchange Commission (SEC) has officially approved the S-1 applications for Ethereum spot exchange-traded funds (ETFs). Trading is set to commence at 9:30 AM ET on July 23.
Predictions and Projections
Wintermute, a leading market maker, forecasts that the newly approved Ethereum spot ETFs could attract up to $4 billion in capital inflows over the next year. This influx of capital is expected to drive a 24% increase in the price of Ethereum within the same period. Citi had previously projected up to $5.4 billion in inflows within the first six months of trading, although they cautioned that actual figures might be lower.
Bitwise has pledged to donate 10% of the profits from its Ethereum spot ETF to Ethereum open-source developers. This initiative aims to support the ongoing development and innovation within the Ethereum ecosystem.
Approvals and Documentation
The SEC has approved registration forms from several firms, including 21Shares, Bitwise, BlackRock, Fidelity, Franklin Templeton, VanEck, and Invesco Galaxy. The only exceptions are Grayscale’s Trust and Mini Trust, which are expected to receive approval shortly before trading commences. Bloomberg senior ETF analyst Eric Balchunas confirmed the news, noting that the 424(b) forms are now available on the SEC’s website, signifying regulatory clearance for trading.
The approval of these ETFs came as a surprise to many, given the initial lack of engagement between the SEC and issuers. Despite this, the approvals were granted following the approval of 19b-4 forms in May. Issuers needed their registration statements to go effective before launching the ETFs.
Read CRYPTONEWSLAND onCurrent Market Status
At the time of writing, Ethereum was trading at $3,477.46, marking a 1.11% decline over the past 24 hours. The anticipation surrounding the launch of these spot ETFs is expected to influence Ethereum’s market performance in the coming weeks.
The approval of Ethereum spot ETFs provides a new investment platform for the crypto market investors. The ETFs are anticipated to bring increased liquidity and stability to the market, further legitimizing Ethereum as a mainstream financial asset.
Will #Shiba Inu break through #critical resistance? Analyze Shiba Inu's #price forecast here. #SHIB #TA
#Dogecoin jumps 13% after #Tesla's Bitcoin transfer, driving #investor interest and trading volume. #DOGE #TA…
#TA reveals a #bullish setup. Explore #Vechain's technical outlook from an expert’s POV. #VET #ExpertInsights
Discover 2024's top# 5 crypto investments from #LUNC's revival to #Chainlink's essential tech with maximizing…
#ShibaInuprice revival has analysts looking forward to a 3,000% rally for the #memecoin and #ETFSwap(ETFS),…
#Analyzing roadmaps, social media, and #presales can help identify innovative cryptos with 1000x potential for…