Reuters reported today that the approval process for the Ethereum spot ETF has entered its final stage and could be approved for listing by the U.S. Securities and Exchange Commission (SEC) as early as July 4th.
Summary:
ETH surpasses $3,400: SEC Gensler: Ethereum spot ETF approval “progressing smoothly,” stable listing on 7/2?
Background:
SEC review accelerates: Bloomberg analyst optimistic about Ethereum spot ETF listing on 7/2, but experts have concerns.
Table of Contents:
Bloomberg analyst estimates earliest launch on 7/2
Analyst: Ethereum spot ETF listing won’t be “too hot”
Price predictions after the launch of the Ethereum spot ETF
The approval process for the Ethereum spot ETF seems to have entered its final stage. Today (27th), Reuters cited industry executives and related participants’ insider information, stating that the U.S. Securities and Exchange Commission (SEC) could potentially approve the Ethereum spot ETF as early as July 4th.
After the SEC approved the 19b-4 exchange rule change documents for eight Ethereum spot ETFs in May, all applicants submitted updated versions of the S-1 registration application documents on June 22nd. Once the SEC approves the final S-1 document, the Ethereum spot ETF can be listed for trading within 24 hours.
Two anonymous company executives revealed that the process of modifying the S-1 document has progressed to the point where only “minor issues” need to be resolved. A lawyer who is cooperating with one of the issuers also stated that the approval process is currently in the “final stage” and approval “may not exceed one or two weeks.”
Although the SEC has refused to comment on this, SEC’s Gary Gensler revealed in an interview yesterday that the progress is “going smoothly.”
Eric Balchunas, a Bloomberg ETF analyst who accurately predicted the release time of Bitcoin futures/spot ETFs, also optimistically expects that the SEC will likely formally approve these ETFs next week and bring forward the predicted listing date for the Ethereum spot ETF to “July 2nd.”
Further reading:
Bloomberg analyst: VanEck just submitted crucial documents to SEC, more confidence in the listing of Ethereum spot ETF on 7/2
Current signs indicate that the listing of the Ethereum spot ETF is only one step away. However, many ETF and cryptocurrency analysts believe that the influx of funds after the launch of the Ethereum spot ETF will pale in comparison to the Bitcoin spot ETF listed at the beginning of the year.
James Butterfill, Research Director at Coinshares, commented, “The market value and trading volume of Ethereum are different from those of Bitcoin.”
Bryan Armour, an ETF analyst at Morningstar, pointed out:
However, currently, market analysts have extreme views on the price of ETH. Last week, Andrew Kang, co-founder of Mechanism Capital, also expressed a conservative view on the impact of the Ethereum ETF, estimating that the market flow of the Ethereum spot ETF would be about 15% of Bitcoin’s, believing that the potential upward space for ETH after the spot ETF is limited, and personally predicting a price between $2,400 and $3,000.
On the other hand, QCP Capital, a digital asset trading company, has a different view and indicates that the options market currently shows optimism, stating that if the Ethereum spot ETF can capture 10% to 20% of the flow of the Bitcoin spot ETF, it could push the ETH price above $4,000 and approach its historical high of $4,800.
In terms of price, the ETF briefly rose above $3,400 in the early morning and has since fallen to $3,377 (a 1.1% decrease in the past 24 hours). Ether has fallen by 12% in the past 30 days.
Source: Trading View