The launch of Ethereum spot ETF is considered to be a major potential for market sentiment reversal. Bloomberg analyst James Seyffart predicts that it may be listed later next week or on the week of July 15th.
Analyst: Speculated to be listed next week or on the week of July 15th!
What investors should pay attention to is Seyffart’s speculation that more issuers will submit similar applications this week, and the Ethereum spot ETF may be listed later next week or on the week of July 15th.
It is understood that Bitwise’s submission this time includes a six-month fund trust management fee waiver of up to $500 million. Although the document does not explicitly state the specific launch date for listing and trading on the New York Stock Exchange, Bitwise stated that it will “start as soon as the registration becomes effective,” which also means that the listing date depends on the approval progress of the SEC. However, Bitwise is prepared to act quickly once approved.
On the other hand, Bloomberg analyst Eric Balchunas has doubts about the approval progress of the SEC. He stated that no one really knows why the SEC is taking so long to process these forms, but he also pointed out that the Ethereum spot ETF trading should be launched soon, but some issues may have slowed down the process. He speculated that this may be due to the summer vacation, with staff on vacation leading to a slowdown in the processing progress.
Will ETH attract a large amount of funds?
According to previous estimates by Eric Balchunas, Ethereum’s market flow may be only 10% of Bitcoin’s. This means that within 6 months, the true net purchase flow of Ethereum is expected to be $500 million, and the net flow is $1.5 billion.
Regarding whether Ethereum will attract a large amount of funds, Andrew Kang, co-founder of Mechanism Capital, has a relatively conservative view. He predicts that the market flow of Ethereum’s ETF market will account for about 15% of Bitcoin’s market flow, with a true net purchase amount of $840 million and a net flow of $2.52 billion.
Before the ETF is launched, Andrew Kang expects the trading price of ETH to be between $3,000 and $3,800; and after the ETF is launched, Andrew Kang predicts that the price will instead be between $2,400 and $3,000. It is worth mentioning that Andrew Kang also stated that everything still depends on Bitcoin. If Bitcoin rises to $100,000 by the end of 2024 or early 2025, this may push ETH to a new all-time high.